In a turn of good fortune, tariff refunds are arriving for companies as they confront higher costs stemming from the war in Iran. Many companies are using the cash infusions to offset higher expenses and protect their margins—but some are going a step farther, using their refunds to woo customers and gain market share. Lower prices aren't part of the playbook that many CFOs used to confront inflation several years ago, in the aftermath of the pandemic. But this time around, things are different. Consumers are stretched thin from years of rising costs across household budgets, particularly groceries. Add to the mix the high price of filling up a tank of gas these days, and you can start to see why some consumers are making trade-offs on how they spend their money. Walmart CFO John David Rainey nodded to these pressures in an earnings call this month, discussing the retailer's move to cut prices on 11,000 items, funded with its $2.9 billion refund. "June was a little more obvious as we look at the quarter in terms of customers making trade-offs. And it's why we have leaned so heavily into lower prices," he said.

Plus, Canadian honey producers are feeling the sting; this week's earnings lineup includes Dell Technologies, Gitlab, Medtronic and Palo Alto Networks. The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. The Institute for Supply Management releases its Manufacturing Purchasing Managers' Index for August. The Canadian economy as a whole is projected to withstand the new tariffs of 50% on $20 billion worth of Canadian goods, or about 5% of Canada's U.S.-bound exports. But many small and medium-size Canadian business owners are expected to bear the brunt of the pain.