More recently, tensions involving Iran have added further pressure to the global economy, including the U.S. After responding to U.S. and Israeli actions, Iran blocked the Strait of Hormuz, a critical route that handles about 20 percent of the world’s oil shipments.
In response, Trump’s administration is backing a proposal that could provide $1,200 payments to eligible households.
The measure was introduced by Senator Martin Heinrich on March 12 and seeks to offer tax rebates to families affected by tariff-related price increases.
Heinrich noted that many Americans are already experiencing the impact of these tariffs in everyday expenses, including groceries and essential household items.
His proposal aims to return a portion of those added costs to consumers who are now paying more.
The bill is called the ‘Tariff Refunds for Working Families Act’, and has the support of senators including Cory Booker, Ruben Gallego, and Kirsten Gillibrand, according to a report from the Daily Express.
