08/25/2026
Since new tariffs were announced last year, global trade has been a source of uncertainty for financial markets and the economy. In February, the Supreme Court ruled that the original “Liberation Day” tariffs were illegal, resulting in a wave of refunds to businesses that are now well underway. At the same time, tariff refunds have pushed the federal budget deficit higher, with the national debt exceeding $40 trillion for the first time.
Here, we share what tariff refunds and rising national debt mean for investors.
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