World Business Report What does Trump's new 10% tariff mean for consumers?
Feb 24, 2026
Sergei Marchenko, Ukraine's finance minister, on how war redirects revenues to defense and strains energy and business recovery. Joanne Hsu, consumer surveys director at U. of Michigan, on how tariff uncertainty weighs on spending and sentiment. They discuss tariff impacts on living costs, who might seek refunds, and the broader economic fallout in short, clear takes.
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Tariff Uncertainty Dampens Consumer Confidence
- Tariff announcements raise consumer uncertainty which can depress planning and spending.
- Joanne Hsu says frequent, stop-and-start tariff policy last year made it difficult for businesses and consumers to plan, weighing on sentiment about the economy.
Cost Of Living Beats Tariff Technicalities
- The top issue for US consumers is cost of living, so tariffs matter only if they affect inflation.
- Joanne Hsu explains consumers primarily want relief on high prices rather than technical details like refunds.
Tariff Refunds Mostly Concern Businesses
- Talk of tariff refunds is mostly a business and legal issue, not a direct consumer remedy.
- Joanne Hsu notes refunds discussed relate to lawsuits and businesses, and consumers are unlikely to pursue individual refunds.