What's Happening
Businesses are pushing for tariff refunds after a Supreme Court ruling that has left many companies uncertain about future trade policies. New York Governor Kathy Hochul has demanded $13.5 billion in refunds for state businesses, highlighting the financial strain caused by ongoing tariff disputes.
Market Impact
The uncertainty surrounding tariff policies is causing volatility in supply chains and affecting corporate earnings forecasts, as seen with Steve Madden's decision to withhold profit guidance.
Broader Implications
The situation underscores the broader geopolitical tensions affecting global trade, with potential long-term shifts toward supply chain decentralization.
