Markey and Democratic leaders release new report spotlighting “broken promises” of Trump’s reckless economic agenda 

REPORT: Broken Promises: “Liberation Day” 

(Washington, April 2) – Ranking Member Edward J. Markey (D-Mass.) released the following statement marking the one-year anniversary of Trump’s so-called “Liberation Day.” Ranking Member Markey, Democratic Leader Chuck Schumer (D-N.Y.), and Finance Committee Ranking Member Ron Wyden (D-Ore.) today also released a new report on the devastating cost of Trump’s “Liberation Day” tariffs for American small businesses, workers, and families. On April 2,  2025, Trump imposed a sweeping 10% tariff on every country in the world, with additional tariffs on dozens of countries, claiming authority under the International Emergency Economic Powers Act (IEEPA). During the past year, small businesses, workers, and families in Massachusetts and across the country have been forced to bear the brunt of President Trump’s illegal tariff taxes.

In February, the Supreme Court sided with American small businesses and struck down Trump’s IEEPA tariffs. However, the Trump administration continues to complicate tariff refunds for small businesses and families and double down on harmful economic policies.

“Trump’s so-called ‘Liberation Day’ tariffs slapped a tax on everything from toys to tea, throwing our economy into unsustainable chaos. His Liberation Day quickly became Obliteration Day for small businesses and families. One year later, small businesses in Massachusetts and across the country continue to feel the pain on Main Street. Thanks to Trump’s reckless tariff taxes, small businesses have been forced to cut jobs, pause growth, and even close up shop—putting the American Dream further and further out of reach for owners and workers.

“From skyrocketing energy and health care costs to rising food and clothing prices, American small businesses and families are feeling the pinch. Yet, despite small businesses’ victory at the Supreme Court, Trump is continuing his war on Main Street by doubling down on his tariff scam with new global tariffs and creating a complicated tariff refund process that only benefits big businesses. Instead of jacking up costs for American small businesses and families, Trump must end his self-made affordability crisis and immediately and automatically refund the tariff taxes he illegally collected. I will continue to fight back against Trump’s reckless economic policies that are making life unaffordable for small businesses, consumers, and working families.”

Ranking Member Markey is leading the fight to lower costs for American small businesses, workers, and families. He is fighting to deliver immediate and automatic refunds to small businesses and prevent the Trump administration from placing more tariff taxes on the American people.

• Today, Ranking Member Markey, Leader Schumer, and Finance Committee Ranking Member Wyden released a report on Trump’s  harmful “Liberation Day” tariffs one year later.
• Last week, Ranking Member Markey led several Senate Democrats in writing to Customs and Border Protection (CBP) Commissioner Rodney S. Scott to call for an automatic tariff refund process that does not create more pain for American small businesses and families.
• Two weeks ago, Ranking Member Markey hosted a virtual briefing for small business alongside Matt Platkin, former New Jersey Attorney General, updating small business owners on the tariff refund fight in the courts and urging for an automatic tariff refund process.
• In March, Ranking Member Markey sent a letter to the largest retailers and shippers in the country urging them to pass tariff refunds on to consumers and small businesses that bore the brunt of Trump’s tariff taxes.
• Earlier in March, Ranking Member Markey, alongside Leader Schumer and Senate Democrats, introduced the Small Business Liberation 2.0 Act to protect small business owners, workers, and consumers from further tariff-related economic harm under Trump’s Section 122 tariffs.
• Previously, Ranking Member Markey sent a letter to Trump administration officials renewing his call for a tariff refund process and demanding an investigation into reports that Wall Street traders are taking advantage of Main Street by paying America’s small businesses pennies on the dollar for tariff rebates in the absence of an official refund process.
• In February, Ranking Member Markey introduced the Tariff Refund Act of 2026 with Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) and Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.) to require full refunds of Trump’s illegal tariffs after they were struck down by the Supreme Court.
• Earlier in February, Ranking Member Markey applauded the Supreme Court’s 6-3 decision to strike down Trump’s illegal tariffs, held a press conference with Massachusetts small business owners, and called for immediate refunds for America’s small businesses.
• Previously, Ranking Member Markey released a report detailing how Trump’s affordability crisis, including his devastating tariffs, are hurting main streets and working families across America.
• In December 2025, Ranking Member Markey held a press conference on the affordability crisis facing American small businesses and released new state-by-state data on total tariffs paid by small businesses from March to September 2025.
• In November 2025, Ranking Member Markey sent a letter to Small Business Administration (SBA) Administrator Kelly Loeffler, Secretary of Commerce Howard Lutnick, U.S. Trade Representative Jamieson Greer, and Acting Chair of the Council of Economic Advisors (CEA) Pierre Yared to renew his call for an equitable tariff refund process for small businesses.
• Also in November 2025, Ranking Member Markey held a press conference to highlight the voices of small business owners impacted by Trump’s devastating tariffs, and to call on the Supreme Court to strike down the tariffs.
• Last Fall, Ranking Member Markey held a press conference to highlight the voices of small business owners impacted by Trump’s tariffs. Ranking Member Markey introduced the Small Business RELIEF Act in September 2025, which exempts small businesses from the “Liberation Day” tariffs and requires the President to provide refunds to small businesses who have paid them.
• In August 2025, Ranking Member Markey sent a letter to Small Business Administration (SBA) Administrator Kelly Loeffler, Secretary of Commerce Howard Lutnick, U.S. Trade Representative Jamieson Greer, and CEA Chair Stephen Miran, calling on their respective agencies to establish and publicize procedures for refunding tariffs to American businesses.
• In May 2025, Ranking Member Markey first attempted to pass the Small Business Liberation Act, legislation that would exempt small businesses from the broad, reckless global tariffs imposed by the Trump administration. Ranking Member Markey returned to the Senate floor in an effort to pass the Small Business Liberation Act in August. Republicans blocked his legislation on the Senate floor on both occasions.