“The tariffs aren’t going away” despite the Court of Appeals ruling against them, Michelle Gibley reminds viewers. If the emergency tariffs go away, refunds could become “chaotic,” with tariff revenue up over 100% year-over-year. She thinks we haven’t felt the “full effect” of tariffs yet and that businesses are still struggling to plan around them – and some, like Walmart (WMT) are starting to pass on the costs. Michelle looks at the geopolitical landscape, including India’s relationship with the U.S. and Russia and European debt levels.