Expert warns that people should be wary of these 3 things if Trump's $2,000 tariff checks are actually approved

While the idea of getting $2,000 in your bank account might sound like a great idea, there are downsides to Donald Trump's upcoming plans.

On November 9, President Trump announced that certain American citizens could be set for a $2,000 'dividend' payment.

"People that are against Tariffs are FOOLS! We are now the Richest, Most Respected Country In the World, With Almost No Inflation, and A Record Stock Market Price. 401k’s are Highest EVER," the president wrote.

"We are taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 Trillion. Record Investment in the USA, plants and factories going up all over the place. A dividend of at least $2000 a person (not including high income people!) will be paid to everyone."

But apparently his plans need Congress's approval, says Treasury Secretary Scott Bessent.

While nothing has yet been agreed upon, Trump thinks the checks could go out 'the middle next year', The Independent reports.

Trump says the checks might land sometime next year (Alex Wong/Getty Images)

Experts have since expressed concerns about the supposed 'free money', including finance journalist Leeron Hoory of BusinessHeroes.com.

"If these $2,000 tariff checks happen, I would urge people to think of them as a political dividend from a trade policy experiment rather than free money falling from the sky," she told UNILAD.

"The checks would be funded by higher tariffs on imports, with the White House tentatively planning for the payments to begin around mid-2026. Lawmakers opposing the proposal argue that tariff revenues would be better employed toward reducing the national debt and his team is still seeking a legislative path."

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Hoory further noted that while people might get $2,000 in their bank accounts, they'll already have paid elsewhere.

"The key economic point to understand is that tariffs are just taxes by another name. Independent estimates of Trump’s broader tariff program on goods show that the cost of a 10 percent levy on American households would be about $1,700 annually due to price hikes for automobiles, fuel and everyday items," she explained.

The $2k check might not go as far as you think it would... (Getty Stock Image)

"Penn Wharton estimates that the current tariff regime could in the end cut U.S. GDP by close to 6 percent and wages by 5 percent and cost the typical middle-income household $22,000 in lost lifetime economic opportunities," Hoory continued.

"So even if a $2,000 check were to arrive in the mail tomorrow, many struggling households would have already begun paying for it at the grocery store."

The finance expert warned people to be wary of three things in particular, one being that they should not build ongoing expenses around a one-off check.

"Be dubious of anyone who claims that the math works," Hoory also warned, adding: "And expect the usual scams as soon as a new government check is announced: Fraudsters will flood the internet with fake sign-up links and email phishing attacks."