Trump’s Tariffs: Back Forward Facebook Linked In Gift Expand Trucks cross the Peace Bridge at the Canada-US border in Fort Erie, Ontario. Photographer: Cole Burston/Bloomberg Facebook Linked In Gift Gift this article Contact us: Provide news feedback or report an error Confidential tip? Send a tip to our reporters Site feedback: Take our Survey New Window Facebook Linked In Gift By Elena Eisenstadt and Tonya Garcia September 8, 2026 at 6:02 PM UTCBookmark Save## Takeaways by Bloomberg AIAmerica’s top retailers and manufacturers are getting long-awaited relief from President Donald Trump’s sweeping global tariffs. But for some of the hardest hit companies, the share price benefits pale in comparison with the massive losses they suffered on Liberation Day.

When Trump’s tariffs were announced in April 2025, they dealt the S&P 500 its worst day in five years. Investors had expected refunds, which started trickling in this summer after the Supreme Court struck the levies down, to provide a meaningful tailwind, yet stock reactions to the refunds have largely been muted. And any boost that equities got from these cash infusions is likely to quickly fade, just as a trade spat between the US and Canada reignited in recent weeks.