Finance News

US state tariff bill hits $200 billion


Tariffs do not cause inflation, says Treasury Secretary Scott Bessent

New analysis of U.S. Census data shows that states across the U.S. where key midterm elections will take place this year paid over $134 billion in tariffs in the period since President Donald Trump began implementing widespread trade duties in March 2025 through last November. In all, the U.S. Census data compiled by Trade Partnership Worldwide showed a total of $199 billion in tariffs paid by states during that time period.

Trump has called affordability a “Democratic hoax,” and in recent testimony before Congress, Treasury Secretary Scott Bessent said the tariffs “do not cause inflation.”

But Trump’s tariffs and affordability are expected to be factors in the upcoming midterm election cycle. Recent CNBC survey data from the American consumer and pricing data show that the affordability issues are real and many voters have soured on the economy. A January poll from The New York Times and Siena University found that 54% of voters oppose Trump’s tariffs.

“Americans struggling with affordability rightly blame tariffs for higher prices on many everyday purchases,” said Dan Anthony, executive director of the We Pay the Tariffs small business coalition and president of Trade Partnership Worldwide. “The president could eliminate tens of billions in taxes in the states that will determine the 2026 elections. He just doesn’t want to,” Anthony said.

Anthony said his coalition is highlighting the new data to counter rhetoric about tariffs being “paid by other companies” and being “paid to Americans” and to “educate the public about how tariffs actually work and who pays the price for them: American small businesses, workers, and consumers.”

Top states and tariff bills

  • California: $38 billion
  • Texas: $21 billion
  • Michigan: $13 billion
  • Georgia: $12 billion
  • Illinois: $9.6 billion
  • Ohio: $6.5 billion
  • Pennsylvania: $6.3 billion
  • North Carolina: $5 billion
  • South Carolina: $5.2 billion
  • Kentucky: $4 billion

This year, all 435 districts in the U.S. House of Representatives and 33 seats in the U.S. Senate are up for election. The Republicans hold slim majorities in both chambers of Congress. Democrats need to gain four seats to win a majority in the Senate. To keep control of the House, the Republican Party cannot afford to lose more than two seats.

Midterm elections primary season begins March 3 with voters heading to the polls in Arkansas, North Carolina, and Texas.

Small businesses across America hit hard by tariffs

Many small business owners across U.S. states are speaking out about the impact the tariffs have had on their businesses, some as part of a new YouTube video-led campaign called Small Businesses Against Tariffs that launched on Wednesday in an effort to raise awareness.

Chris Gibbs, a Shelby County, Ohio, farmer of corn, soybeans, wheat, alfalfa hay, and a 90-head cow-calf operation, said the tariffs have hit him two-fold. “My operating costs are soaring,” said Gibbs. “Tariffs on steel, aluminum and lumber raised the cost on anything I do. From building…



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