Vermont Business Magazine One year after President Trump announced sweeping “Liberation Day” tariffs, Treasurer Pieciak and State Fiscal Officers issued a report finding the costs of higher import taxes fell overwhelmingly on American businesses, workers, and families—not foreign competitors.
National economic data shows over 90% of President Trump’s tariffs have been paid for by U.S. businesses and consumers, costing the average American household more than $1,700 from February 2025 to January 2026. For Vermont’s 279,612 households, that amounts to nearly half a billion dollars in additional costs. For comparison, Vermont’s property taxes increased by about $200 million in FY24.
Pieciak emphasized that tariffs function as a regressive tax, falling hardest on low-income Vermonters who spend a larger share of their income on everyday goods.
“The American people were told the so-called ‘Liberation Day’ tariffs would free the country from imported goods. In reality, they’ve only freed Vermonters from their hard-earned money,” said Treasurer Pieciak. “As Vermonters continue to be squeezed from every direction, and the President's failing trade agenda drives up costs even higher, my colleagues and I are demanding relief for American businesses and working families.”
Since the Supreme Court struck down President Trump’s “Liberation Day” tariffs imposed under the International Emergency Economic Powers Act, the administration has sought to reimpose many of those same levies using alternative legal authorities.
U.S. Customs and Border Protection recently stated that work is underway to develop a system to process tariff refund requests. However, a complete timeline for repayment has not been issued. By law, the $166 billion collected by Trump’s illegal duties must be returned with interest, which is accruing about $150 million per week.
The average estimated tariff rate on all U.S. imports remains at nearly 12 percent—far greater than the 4 percent rate averaged from the end of World War II through 2024.
4.2.2026. Office of the Vermont State Treasurer. Montpelier, VT
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Vermont Business Magazine