Odd Lots · Monday, August 31, 2026
Richmond Fed President Tom Barkin explained that while tariffs have impacted certain industries, the recent Supreme Court ruling leading to significant tariff refunds has shifted the conversation. Companies receiving these refunds are now discussing reinvestment in customers, marketing, and operations rather than focusing on tariff payments, making the issue less prominent in current discussions.
“So one of the reasons you're not hearing a lot about it is for the last three or four months, people have been collecting refunds as opposed to paying more tariffs. And when you're collecting, you're not talking about it quite as much when it's working to your advantage.”
“They're very positive for earnings. If you read through the earnings reports of the people who've gotten the refunds, you hear they're going to reinvest it in the customer. You hear a lot of that. Reinvestment in the customer occasionally is priced. But I think it's a lot more marketing, store refits, you know, staffing levels. So positive earnings are stimulative.”