Sarah Gonzalez

And I'm Sarah Gonzalez.

And I'm Mary Childs.

About a year ago, the Trump administration tried to use a law that was not designed for tariffs to impose the biggest, most disruptive tariffs we've seen in about a century.

Also, a market for tariff refunds is already booming.

Yes, the market for tariff refunds.

And there are hundreds of millions of dollars of deals that have already been done in this little baby market, this person told me.

Right.

So no one could know if the Supreme Court would decide whether they were legal or illegal.

So it was this annoying uncertainty for companies.

Right.

Maybe, maybe they would get refunds in the future.

Yeah, but companies don't want maybe money in the future, right?

They want for sure money today.

So they wanted to get rid of this annoying, complicated risk, even if it cost them a little.

And whenever anyone anywhere in the world utters those words.

Us, Wall Street and hedge funds.

This is Wes Harrell.

He's the head of a trading group at Seaport Global.

He's a broker.

And he says this new baby market was born around November.