Greetings,

The Court of International Trade's recent ruling against President Donald Trump's 10% global tariff could tee up another $25 billion wave of reimbursements for businesses. While a final ruling could be months away, companies are already positioning for claims. More on that below.

Also in this edition:

• SEC's Atkins outlines regulatory agenda
• Cerebras IPO highlights investor enthusiasm for AI stocks
• 1 in 3 US employees are 'disposable,' survey claims
• Senate panel advances crypto market bill

Experience investment-grade wines, expert-led masterclasses and exceptional producer access at Decanter Fine Wine Encounter New York. Save 20% on Grand Tasting and Masterclass tickets with code NYC20 at checkout.

American businesses are seeing financial relief after the Supreme Court struck down President Donald Trump's universal tariffs, with initial refunds already reaching companies. The Court of International Trade has also invalidated a 10% global tariff, potentially setting the stage for more refunds if the decision is upheld.

SEC Chairman Paul Atkins outlined a regulatory agenda at the 2026 FINRA Annual Conference, emphasizing the "minimum effective dose of regulation." Atkins discussed the need for significant restructuring of the Consolidated Audit Trail, a broad review of market structure, and a shift in enforcement focus from minor violations to fraud and investor harm. Atkins also highlighted the importance of IPOs and the need to simplify disclosure frameworks.

Cerebras Systems' IPO has surged nearly 70% on its first trading day, highlighting strong investor enthusiasm for AI and chip stocks. This trend has driven major indices such as the S&P 500 and Dow Jones to record highs. The success of Cerebras' IPO signals a favorable market for upcoming AI-related offerings from companies such as SpaceX and OpenAI.

More than one-third of US workers are "disposable," working for employers who have minimal long-term investment in their future, according to a survey by Paul Osterman of the MIT Sloan School of Management. This trend, driven by a rise in marginal workers and contractors, offers flexibility for employers but poses challenges for workers, including limited economic mobility and job satisfaction, Osterman notes.

Bond investors are increasingly pricing in the view that the Federal Reserve is behind the curve on inflation, with yields on 2-year Treasurys rising above the federal funds rate, a signal markets may expect tighter policy ahead, according to analysts. Inflation data showing CPI at 3.8% and wholesale prices up 6% has reinforced expectations that the Fed, now under new leadership with Chair Kevin Warsh, may need to maintain or even raise rates rather than ease policy. Futures markets are now pricing no rate cuts this year, with rising odds of a potential hike as inflation pressures persist.

The Financial Accounting Standards Board has voted to advance a project to address a gap in generally accepted accounting principles regarding nonrefundable transferable tax credits. The need for guidance has grown with the emergence of tax credits from legislation such as the CHIPS a