Dispatch Markets is a weekly economic newsletter featuring Scott Lincicome, Megan McArdle, Kyla Scanlon, Karl Smith, and Marian Tupy. It's produced in partnership with the U.S. Chamber of Commerce. Today is Tax Day.
The U.S. manufacturing sector is witnessing a resurgence under the aggressive tariff policies introduced by Donald Trump. The steel industry has emerged as the clearest beneficiary of the tariff regime. Automakers like Toyota, Nissan, and Honda have announced plans to boost production within the United States. Johnson & Johnson and AbbVie have pledged billions of dollars toward new manufacturing facilities.
EU exports of aluminum and copper to the US increased during the last quarter of 2025. Copper and aluminum exports show where tariffs fail. Tariffs can weaken business investment and manufacturing production and negatively affect the profits of companies with a significant volume of exports, which is a potential drag on economic growth.
The Trump administration is expected to start accepting claims for refunds from the tariffs President Trump collected illegally next week. The housing market is not getting its usual spring bump. PE is chasing veterinary practices, dental practices, and home-service businesses. What stage does a small business need an HR department?
In February EU exports to the U.S. decreased by 26.4%, on top of a 27.8% decrease in January. This decrease in exports also led to a 60% decline in the EU trade surplus. Trade increased dramatically at the beginning of 2025 due to the implementation of Trump's tariffs.
The Trump administration launched a website on Monday to begin the process of paying back businesses with the tariff funds collected under President Donald Trump’s tariff policy. More than $166 billion in collected tariffs has to be paid out to hundreds of companies. Tariffs have contributed to a rise in unemployment and created a burden for thousands of businesses, including small businesses who rely on goods coming in and out of the country.
$166 billion could flow back to companies since Monday as a result of the Trump tariffs being reversed. The new reimbursement system called "Cape" is aimed exclusively at importers of record, who have formally paid the tariffs to the US customs authorities. Refunds do not go to consumers who paid the higher prices. Criticism of the system is getting louder in the USA. Many companies have doubts about the smooth flow of payments.
William explains why HubSpot was important to his search firm's growth and why it's no longer the case. Businesses are in a period of uncertainty. Trump's war on Iran has caused oil prices to soar and injected volatility into global markets. The Economic Policy Uncertainty Index has surged to levels seen during the 2008 financial crisis and the early months of the Covid-19 pandemic.
The U.S. Customs and Border Protection's tariff refund system went live Monday. Importers and brokers can upload a detailed list of each tariff paid under Trump's now illegal order to charge duties under the International Economic Emergency Powers Act, or IEEPA. The Supreme Court’s 6-3 decision earlier this year found Trump's steep global tariffs exceeded his presidential powers. The Liberty Justice Center has established the Tariff Equity Refund Resource for America.