President Donald Trump’s new tariffs have shaken the way that businesses do business. For the most part, they’ve only been in effect a few months, but the volatility and constant changes often mean a lot more work—and ferocious recalculating and renegotiating—for business leaders. A new report on tariff impact from contract lifecycle management platform Agiloft quantifies the headaches they’re causing to U.S. and U.K.-based businesses.

Just under half of businesses—49%—said that increased costs of imported products are the primary current threat they face, and 48% of U.S. companies said they’ve exited at least one supplier relationship because of tariffs. More than half—54%—said tariff-related pressures have led them to enter new supplier relationships in unfamiliar markets or regions. And all of this hasn’t just been stressful for the financial side of the business: 73% said that tariffs made contracts more complex and managing them is more challenging. More than seven in 10 reported higher costs around contracts.

Of the companies seeing cost issues from tariffs, those problems run deep. Nearly all of them—a total of 47%—say they’re worried about how tariffs will impact consumer pricing and demand. And 42% say that reduced profit margins are also top of mind.

For the time being, however, the tariff regime is here to stay. And while the U.S. Supreme Court said last week that it will hear a challenge to their legality in its upcoming term, it’s not clear how the ruling would impact business. Forbes’ Alison Durkee writes that if the tariffs are invalidated, it could grant a refund to businesses that have paid them. But it might also cause some broader shakeups to the overall economy—as well as spur the Trump Administration to try to find a more legally acceptable way to enact tariffs.

Trump’s biggest legislative accomplishment to date is getting his One Big Beautiful Bill Act through Congress at the beginning of the summer. The bill codifies a host of Trump’s economic, tax and policy priorities, including several that could help small and medium-sized businesses looking to make deals. I spoke with Josh Littlejohn, managing director and leader of the national tax M&A team at middle market-focused financial advisory firm CBIZ, about the bill’s impact on deal-making, and an excerpt from our conversation is later in this newsletter.

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The Federal Reserve’s Open Market Committee meeting that begins today could result in an interest rate cut. (All analysts giving opinions at CME FedWatch as of Tuesday morning feel there will be a rate cut, with 96% anticipating a quarter point—to 4% to 4.25%—just 4% expecting a half point.) However, there’s been quite a lot of political scrambling around the Fed in just the last week, so how things work out remains to be seen.

Monday night, a federal appeals court dismissed President Donald Trump’s emergency bid to fire Fed Governor Lisa Cook. Trump, who has........

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