It would be easy to assume that the Supreme Court’s ruling striking down President Donald Trump’s tariffs under the International Emergency Economic Powers Act simply ended those taxes—not that it would actually put money back in your company’s ledger. But money started flowing last week, and CFOs are trying to figure out what to do with the windfall. FedEx and UPS said they’re refunding customers, Fortune reported, while GM said the $500 million they are owed will bolster their annual earnings—and immediately helped the company’s stock.

I spoke with Gordon Pothier, CFO of the financial planning platform Board, about what he’s seeing and hearing among clients. He sees this as part of the overall turbulence in business right now, and offered some suggestions on how companies should handle refunds. An excerpt from our conversation is later in this newsletter.

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Fresh data last week showed how high prices driven by the ongoing war in Iran are hurting Americans. Social feeds blew up when President Donald Trump said he doesn’t think about Americans’ financial situations “even a little bit,” but the ongoing conflict—which has led to shortages worldwide of oil, helium, sulfur, tungsten and fertilizer, to name a few—is weighing heavily on consumers. New Pew Research data indicate that pessimism about the current economic situation has spread. Nearly three in five Americans said they think America’s best days are in the past, and only 40% feel the best is yet to come.

The spike in gas prices—more than $4.53 a gallon on average today, according to AAA—essentially is a hidden pay cut for those who must drive to work, writes Forbes senior contributor Bryan Robinson. And it’s unlikely with this degree of inflation that workers will get ahead, even with raises, writes Forbes senior contributor Bill Conerly. Inflation rates are creeping above average wage increases, and could stay there until the situation in Iran is resolved. But it’s not just gas prices: A typical bag of groceries costs more than 50% more today than in 2020, Forbes’ Ty Roush writes.

Small businesses are scrambling to deal with the economic shocks, writes Forbes senior contributor Alison Coleman. Many already operate on tight margins and have been quickly renegotiating contracts, reviewing credit and shifting prices, and moving to........

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