Protectionism Fuels Privilege, Not Prosperity

Advancing American Freedom Foundation is a nonprofit institution that promotes and defends policies that elevate traditional American values,

PLYMOUTH INSTITUTE FOR FREE ENTERPRISE PROTECTIONISM FUELS PRIVILEGE, NOT PROSPERITY Rachel Greszler, Senior Research Fellow MAY 7, 2026

TOPLINE: Tariffs are a mess for Main Street and a kicker for K Street. President Trump’s still- evolving tariff policies deliver record revenues for lobbyists, special exemptions for big business, and turmoil and strain for ordinary families and small businesses.

K Street Revenues Keep Growing

• 655% increase in first-quarter tariff lobbying revenues1 in 2026 compared to 2024. • 1,400% increase in Q1 tariff lobbying revenues compared to 2016, Pre-Trump levels. • 292% increase in Q1 registered tariff lobbying disclosures in 2026 compared to 2024.

Tariff Taxes and Confusion Remain

• Businesses and families paid an estimated $166 billion in IEPPA tariffs that the Supreme Court ruled were unlawful and must now be refunded. • Lacking any legal framework, it’s unclear how the $166 billion will be refunded across 330,000 importers who have registered over 53 million tariff entries. • In place of IEPPA tariffs, Pres. Trump applied a new 15% global tariff under Section 122.

Instead of Ushering in a New Golden Age, Tariffs Are Hurting Those They Aim To Help.

• Since Liberation Day, the U.S. has added an average of just 14,000 jobs per month, compared to an average of 72,000 during President Trump’s first three months in office. • The U.S. has lost 105,000 transportation & warehousing jobs, 71,000 manufacturing

jobs and 19,000 mining and logging jobs since Liberation Day.

BOTTOMLINE: From K Street windfalls to Main Street job losses and refund uncertainty, tariffs are distorting the free enterprise system that makes America great.

1 Tariff lobbying revenues include lobbying contracts that list tariffs as one of, or the only lobbying issue

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