America’s top retailers and manufacturers are getting long-awaited relief from U.S. President Donald Trump’s sweeping global tariffs. But for some of the hardest-hit companies, the share price benefits pale in comparison with the massive losses they suffered on Liberation Day.
When Trump’s tariffs were announced in April 2025, they dealt the S&P 500 its worst day in five years. Investors had expected refunds, which started trickling in this summer after the U.S. Supreme Court struck the levies down, to provide a meaningful tailwind, yet stock reactions to the refunds have largely been muted.
And any boost that equities got from these cash infusions is likely to quickly fade, just as a trade spat between the U.S. and Canada reignited in recent weeks.
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