U.S. Sen. Kirsten Gillibrand is backing new legislation that would refund tariff costs to small businesses and exempt them from a new round of import taxes.
Gillibrand announced support for the proposal, called the Small Business Liberation 2.0 Act, during a virtual press conference Wednesday.
The bill would exempt small businesses from tariffs imposed under Section 122 of the Trade Act of 1974 and require refunds for any tariffs already paid under that authority.
Gillibrand said the measure is intended to reduce costs for businesses and prevent price increases for consumers.
The proposal follows a Supreme Court ruling last month that struck down global “reciprocal” tariffs imposed under the International Emergency Economic Powers Act. A federal judge later ordered the administration to refund billions of dollars collected under those tariffs.
Despite that ruling, the administration announced a new 10% tariff on nearly all imports using Section 122 of the Trade Act of 1974. The administration has also said it plans to raise the tariff rate to 15%.
Gillibrand said rising fuel prices are also increasing costs for families and businesses. Gas prices in New York have risen about 44 cents per gallon in the past week.
She also repeated calls for the administration to end military action against Iran, arguing the conflict has contributed to rising energy costs.
Gillibrand has previously supported legislation aimed at ending tariffs and reimbursing businesses for duties already paid.
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