Natalie Kitroweth

Ana, you regularly talk to small businesses who have been affected by the tariffs.

I wonder whether they are at a disadvantage in terms of getting refunds, given everything that's involved.

What are you hearing?

Okay, we're going to get to those bigger implications.

Andrew, I have what may seem like a technical question for you.

We talked on the show before about the question surrounding who was actually paying for the tariffs.

Were the companies eating the cost or were they passing it on to consumers?

If the companies raised prices because of tariffs, can they actually legitimately get refunds?

And Tyler, how is the administration thinking about this question of companies potentially demanding massive refunds?

You're saying it was part of the design.

Yeah.

So essentially, you could see these tariffs as a year of a kind of corporate tax.

Is that fair?

After the break, we look at those other countries and the global fallout from the tariff ruling.

We'll be right back.

So, Ana, I want to talk about all the agreements that Trump has reached, all the deals he's reached with other countries, trade deals that everyone from Europe to Japan has made based on what have now been deemed illegal tariffs.

Are those deals now moot?

But Ana, do these countries not have the same risks that we talked about companies having in terms of, you know, poking the bear, potentially confronting Trump?

Couldn't that be dangerous for them if he responds, if he retaliates?

You know, the other piece of this is the biggest country that didn't make a trade deal with the United States, which is China.