It’s been a turbulent week in the world of global trade. From President Donald Trump‘s tariff battles to a potential AI crisis, here’s a quick recap of the week’s top stories.
Peter Schiff Disputes Trump’s Tariff Strategy
Renowned economist Peter Schiff criticized the U.S. trade policy on Friday. This came as Trump announced a new 10% global tariff following a significant legal setback. Schiff took to Twitter to challenge the long-standing claim that foreign nations exploit the U.S. through trade deficits.
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Scott Bessent Dodges $134 Billion Tariff Refund Question
Treasury Secretary Scott Bessent refused to commit to issuing $134 billion in potential tariff refunds during a post-State of the Union interview. Instead, he framed corporate demands for repayment as a form of government handout. This discussion followed President Trump’s 2026 State of the Union address and addressed the growing legal and financial fallout from a recent Supreme Court ruling that restricted the administration’s tariff authorities.
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Economists Challenge Citrini’s AI Doom Thesis
The “The 2028 Global Intelligence Crisis” note from Citrini Research triggered a sharp backlash from Wall Street economists and strategists. Now, a growing number of experts are challenging the notion that an AI-driven productivity surge could spiral into mass unemployment, collapsing demand, and systemic financial distress.
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EU Warns Against Tariff Hikes
Following the Supreme Court ruling that nullified President Trump’s tariffs under the International Emergency Economic Powers Act (IEEPA), the European Commission has called on the U.S. to respect its trade agreements and provide “full clarity”. The European Commission expressed concern that the current situation is not conducive to achieving “fair, balanced, and mutually beneficial” trans-Atlantic trade and investment, as outlined in the EU-US Joint Statement of August.
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Trump Administration Announces Delay In Tariff Refunds
On Friday, the U.S. administration announced that businesses seeking refunds after the Supreme Court invalidated $133 billion in tariffs will face delays. This announcement came as Trump questioned whether the case could be reheard.
The Supreme Court’s decision last week struck down many of the emergency-law tariffs imposed by President Trump, dealing a blow to one of his signature trade policies.
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Photo: Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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