A federal judge is deciding whether the Trump administration must speed up and expand billions of dollars in tariff refunds after the U.S. Supreme Court ruled many of the tariffs illegal. The case will determine how much money collected from these tariffs must be returned to businesses and how quickly refunds will be issued.
Key Facts
The Supreme Court stopped many tariffs imposed under the International Emergency Economic Powers Act (IEEPA) in a 6-3 ruling on February 20, 2026.
The Court did not decide what should happen to the money already collected from these tariffs, leaving that to lower courts.
The Trump administration is fighting in court against a broad order to repay all tariffs collected, saying it should only refund individual companies when ordered.
Judge Richard Eaton ordered the government in March to refund all affected companies, but the administration wants to limit the refunds.
Up to $166 billion, or possibly as much as $175 billion, could be owed in tariff refunds to importers.
More than 330,000 importers, including Walmart, Apple, Costco, and General Motors, may be eligible for refunds.
Over $85 billion in refund claims have been approved, with $20 billion already paid out by late May.
The final ruling will affect how quickly and how widely tariff refund money is returned to companies.
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An $8,000 deposit will earn similar interest over one year whether placed in a certificate of deposit (CD) or a high-yield savings account, with interest rates currently around 4%. CDs offer fixed rates but limit access to the money, while high-yield savings accounts have variable rates and allow withdrawals.
Key Facts
The average traditional savings account interest rate is about 0.38%, much lower than CDs and high-yield savings.
CDs currently offer fixed interest rates around 4%, depending on the term length.
High-yield savings accounts typically have variable rates near 4.1%, which can change over time.
An $8,000 deposit in a 1-year CD at 4.11% earns about $328.80 in interest.
The same deposit in a high-yield savings account at 4.10% earns about $328.00 after one year.
Shorter-term CDs (3, 6, 9 months) yield interest amounts close to those from a high-yield savings account.
The difference in interest earned between the two account types is very small.
Choosing between them depends on whether you prefer fixed returns and restricted access (CD) or flexible access with variable rates (savings account).
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Deciding whether to repair or replace an air conditioning (AC) unit affects home costs. Repairing is often better when the AC is relatively new, repair costs are low, or the problem is small and not recurring.
Key Facts
Most central AC units last about 10 to 15 years with good care.
If the AC is only a few years old, repairs usually make more financial sense than replacement.
Some repairs may be covered by a manufacturer’s warranty, reducing costs.
Repair costs are often much lower than buying a new AC system, which can cost several thousand dollars.
Repairs are preferable when the problem is isolated and not happening again often.
If a unit breaks down frequently or needs many major part replacements, buying a new system may be better.
Homeowners face higher overall costs recently, making repair vs. replacement decisions important.
Consulting a licensed HVAC professional helps to decide the best choice.
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DoorDash recently began using stablecoins to pay out money through a partnership with Tempo, showing that big companies see stablecoins as useful tools for moving money. However, using stablecoins is not simple because businesses face many rules and technical challenges before they can use them like regular money.
Key Facts
DoorDash started using stablecoin payments via a partnership involving Tempo, supported by Stripe.
Stablecoins are digital tokens designed to keep a steady value and are becoming more mainstream for moving money.
Businesses want to use stablecoins to speed up payments, lower costs for cross-border transfers, and improve financial processes.
Using stablecoins requires businesses to handle complex issues like customer identity checks, anti-money laundering rules, and transaction monitoring.
Companies also need to manage custody (safe storage), liquidity (easy access to funds), and different country laws.
Big financial firms can handle these challenges, but smaller businesses often lack the resources.
Startups and small companies could benefit the most from stablecoins but find it hard to implement them due to these burdens.
The current payment and compliance systems for stablecoins are still developing and need to become easier for businesses to use widely.
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Two major Italian banks, Intesa Sanpaolo and Banco BPM, are competing to buy Banca Monte dei Paschi di Siena (MPS), the world's oldest bank. The outcome is important because MPS holds large government bonds and strategic financial assets in Italy.
Key Facts
MPS was founded in 1472 to provide credit to poorer citizens and is now a key bank in Italy’s financial system.
Intesa Sanpaolo, Italy’s largest bank, offered 31 billion euros (about $36 billion) to buy MPS.
Banco BPM, Italy’s third-largest bank, also proposed a "merger of equals" with MPS but did not disclose financial details.
Banco BPM’s largest shareholder is French bank Crédit Agricole, owning about 20% of it.
There are concerns that a BPM-MPS merger could give foreign (French) control over important Italian financial assets.
MPS owns 13% of Generali Insurance, a big holder of Italian government bonds.
Italy’s government, led by Prime Minister Giorgia Meloni, is cautious about foreign control over strategic companies and government debt.
Political debates in Italy focus on preserving domestic control over banks and financial institutions like MPS and Generali.
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Social Security benefits in retirement are mostly protected from being taken by private creditors to pay debts like credit cards or personal loans. However, the government can reduce Social Security payments to collect certain debts such as unpaid federal taxes, student loans, child support, and alimony.
Key Facts
Private creditors usually cannot directly take part of Social Security retirement benefits to pay debts.
If a creditor sues and wins, they can try other ways to collect, but Social Security money is largely safe.
The federal government can reduce your Social Security checks for some debts.
Debts that can lead to garnishment include federal taxes, student loans, child support, alimony, and some court-ordered payments.
The amount taken from Social Security depends on the type of debt and the law.
Many retirees now carry more debts like credit card balances and loans than previous generations.
Understanding these rules helps retirees protect their income while handling debts.
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McDonald's is testing a new AI system called "Archy" to take orders at drive-thrus, aiming to improve speed and accuracy. The system, developed with Google, is about 90% accurate and being tried in five locations as part of a broader industry trend toward AI in fast food.
Key Facts
McDonald's ended a previous AI drive-thru trial in 2024 due to accuracy problems but is trying again with improved technology.
The new AI system is called "Archy" and is currently tested in five McDonald's restaurants.
AI ordering systems are becoming common in fast food, with Wendy's, Taco Bell, and White Castle also using or testing similar technology.
AI systems can understand multiple languages, handle complex orders, and suggest extra menu items to improve efficiency.
McDonald's CEO Chris Kempczinski says automation aims to speed service without losing quality customer care.
Some AI systems have had issues, like Taco Bell's system being overwhelmed by an extremely large order.
There are concerns about AI replacing jobs, but companies say the technology supports workers rather than replaces them.
Wendy's says their AI system helps employees focus more on customer service by handling routine orders.
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Traditional financial companies are now offering cryptocurrency to their customers, ending a past rivalry with the crypto industry. This change is driven by growing demand for digital assets and new trends like AI and tokenization, which make investing easier and more accessible.
Key Facts
Financial firms that once feared cryptocurrencies are now embracing them.
Customers will be able to buy cryptocurrencies like bitcoin and ethereum through banks and brokerages.
The rise of stablecoins shows that investors accept blockchain-based versions of traditional assets.
Publicly traded stocks may be tokenized in the future, making it easier to trade shares digitally.
Nasdaq expects to handle large new public offerings (IPOs) without changing market rules.
SpaceX plans a $75 billion IPO, potentially the largest ever at a $1.7 trillion valuation.
Extended-hours trading is growing, with crypto markets already open 24/7.
Tokenization and digital markets aim to give more people access to investing in large companies early.
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Some white-collar jobs in finance, information, and professional services have been declining since April 2023, while the overall U.S. job market remains strong. The drop in these office-based jobs likely comes from pandemic overhiring, efficiency improvements, and early cost-cutting related to AI technology.
Key Facts
White-collar jobs in finance, information, and professional services peaked in April 2023 and have dropped 2% since then.
Other sectors of the U.S. economy have increased jobs by 3.7% in the same period.
Core white-collar jobs make up about 22% of total U.S. employment, with 34 million people working in these sectors.
These sectors usually added about 49,000 jobs per month before April 2023 but have lost an average of 19,000 jobs per month since.
Causes of job losses include pandemic overhiring, workflow streamlining, and preparation for AI-related productivity gains.
Despite these declines, the U.S. unemployment rate is low at 4.3%, and the economy is adding over 100,000 jobs per month.
Historical comparison: manufacturing jobs declined during and after the 2001 recession but the overall job market recovered.
The article warns that AI’s impact on jobs could grow and cause more significant declines, especially in white-collar sectors.
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Top UK retailers plan to ask Prime Minister Keir Starmer to take stronger action on youth unemployment. They want a government and retail group to work together to create more jobs and training for young people.
Key Facts
Leading retailers like Marks & Spencer, Sainsbury’s, Tesco, Asda, and Primark will support a letter to the prime minister about youth unemployment.
The British Retail Consortium (BRC), a trade group for retailers, drafted the letter.
The letter says young people’s chances of finding jobs are weak and calls for a joint taskforce between the government and retail.
Youth unemployment in the UK recently passed 1 million, the highest in over ten years.
Youth unemployment costs the UK economy over £125 billion each year.
The government has plans for 300,000 new work experience and training places in the next three years, supported by a £2.5 billion fund.
Marks & Spencer started a new training program to create 1,000 job training spots for young people aged 16-24.
Retail leaders say retail jobs are important entry points for young people with little experience or qualifications.
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New cases of the New World screwworm parasite have been found in Texas. Officials at the state and federal levels are increasing efforts to stop the parasite from spreading because it can harm cattle and affect beef prices.
Key Facts
The New World screwworm is a parasite that affects animals like cattle.
Several new cases of this parasite were confirmed recently in Texas.
State and federal officials are working together to contain the parasite.
The parasite’s spread could harm cattle health.
Damage to cattle could lead to higher beef prices for consumers.
Controlling the parasite is important for the cattle and beef industry.
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SpaceX is planning a very large stock market debut, expected to raise about $85 billion. The company has big plans to grow its satellite internet service, AI computing business, and space launches, but some experts worry about how expensive the stock is and the risks involved with its new projects.
Key Facts
SpaceX’s initial public offering (IPO) is expected to raise at least $85 billion.
In 2023, SpaceX made less than $19 billion in revenue.
The Starlink satellite internet service is a major growth area, aiming to reach global customers.
SpaceX is expanding its AI computing business, working with companies like Anthropic and Google, potentially generating about $2 billion monthly.
The company continues to work on its Starship rocket, which is still being developed and could affect future costs.
Competition is growing in satellite internet and computing, with companies like Amazon also entering the market.
Elon Musk’s leadership is a key factor that influences investor confidence in SpaceX’s future.
The company's value could reach $1.75 trillion if it achieves its ambitious revenue goals by 2030.
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Palantir plans to sue London Mayor Sadiq Khan after he stopped a £50 million contract between the company and the Metropolitan Police. Khan blocked the deal over concerns about the contract process, saying Palantir was the only company considered and the deal did not offer good value.
Key Facts
The Metropolitan Police wanted to use Palantir’s software to help analyze intelligence in criminal cases.
Mayor Sadiq Khan stopped the contract, citing problems with how the contract was awarded.
Khan’s office said the police only fully considered Palantir, which broke procurement rules.
Palantir’s lawyers have formally told the mayor’s office they will challenge the decision in court.
Palantir has other contracts with UK government bodies, including a £330 million NHS deal under government review.
Some UK politicians and a parliamentary committee have criticized Palantir for its public statements and role in government projects.
The UK government is reviewing whether to continue or stop its contract with Palantir early.
Other European countries like France and Germany choose not to work with Palantir due to concerns about the company.
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CBS Mornings Deals offers special discounts on various products that can help improve daily life. These deals are available at cbsdeals.com, and CBS earns a commission when customers buy items through this site.
Key Facts
CBS Mornings Deals features exclusive discounts on different products.
The deals are designed to improve everyday lifestyle.
Customers can find these offers by visiting cbsdeals.com.
CBS earns money when people purchase items using links from cbsdeals.com.
The promotion was shown on CBS News and is part of their online content.
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Kelly Loeffler, head of the Small Business Administration (SBA), said artificial intelligence (AI) will create jobs and help small businesses grow across the U.S. She warned that if China leads in AI, it could hurt American businesses, especially those on Main Street. The SBA is working to support small businesses by focusing on technology, easier rules, and better access to funding.
Key Facts
AI will change how people work and is expected to create new jobs, especially for small businesses.
Loeffler said AI is a tool that can level the playing field for American businesses.
She emphasized the importance of the U.S. winning the AI competition against China to protect American economic interests.
The SBA faces possible budget cuts proposed for fiscal year 2027, which could reduce help for small businesses.
These cuts might lead to higher borrowing costs and fewer support resources for small businesses.
Loeffler is aiming to make the SBA more focused on technology and customer needs instead of bureaucratic processes.
Small businesses employ nearly half of all U.S. workers and are key to economic growth.
Despite challenges like inflation and higher gas prices, many Americans are starting new businesses at high rates.
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The federal government has expressed repeated concerns about a U.S. company’s plan to frack for gas in Western Australia’s Kimberley region. Officials say the company, Black Mountain Energy, has not provided enough information on how the project could affect local water and endangered species, making it hard to fully assess environmental risks.
Key Facts
Black Mountain Energy, a Texas-based company, wants to drill 20 gas wells in the Kimberley region near Fitzroy Crossing.
The area is close to the Fitzroy River, a nationally heritage-listed site and home to endangered species.
The Western Australia Environmental Protection Authority recommended approval under state laws.
The federal environment department repeatedly said the company’s environmental assessments lack key data on water and ecosystems.
Federal officials asked the company to consult more with traditional owner groups linked to the Fitzroy River.
The company claimed the project would not impact the Fitzroy River, but officials said there was not enough proof.
An independent scientific committee found the company’s assessment weak and its conclusions unsupported.
A local conservation group has urged the federal environment minister to stop the project due to insufficient environmental information.
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The article says that new progress in cancer research is happening now. However, changes in Washington are making it harder to continue this important research work.
Key Facts
Researchers have made a significant breakthrough in cancer studies.
This progress is happening at the same time that policies in Washington are changing.
These policy changes are negatively affecting the foundation needed for cancer research.
The article suggests Washington's actions could slow or stop future cancer discoveries.
The focus is on how government decisions impact medical research funding and support.
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The UK’s competition watchdog is examining Paramount Skydance’s $110 billion takeover of Warner Bros Discovery to see if it will reduce competition. The deal combines many major movie studios and streaming services under one company, raising concerns over its impact on the industry and consumers.
Key Facts
The UK Competition and Markets Authority (CMA) opened an investigation into the $110 billion takeover.
The merger would control assets like Paramount, HBO Max, Channel 5, TNT Sports, and popular film franchises.
The CMA will decide by August 7 if the deal needs a deeper investigation, which could take five more months.
Paramount won the bidding war against Netflix and paid Netflix $2.8 billion to break its previous deal for Warner Bros Discovery.
Over 1,000 film and TV professionals, including famous actors, have protested the deal, fearing it will hurt industry diversity and competition.
U.S. Senator Elizabeth Warren criticized the deal as likely to cause higher prices and fewer choices for consumers.
Paramount’s CEO said they will maintain producing at least 30 films a year to calm fears about cuts.
The company plans to save $9 billion in costs through the merger, indicating likely job cuts.
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Olivia Rodrigo is releasing her third album, "you seem pretty sad for a girl so in love," on June 12. She also announced a special limited edition vinyl with a lenticular cover that shows a swinging image when tilted, priced at $40.
Key Facts
Olivia Rodrigo’s third album will release on June 12.
She previously shared the 13-song track list and the lead single "Drop Dead."
The music video for "Drop Dead" was filmed at the Palace of Versailles and reached No. 1 on the Billboard Hot 100.
Rodrigo announced a limited edition lenticular vinyl cover for the album.
The vinyl cover shows a swinging image when tilted.
The special vinyl costs $40 and will ship starting June 26.
Buyers can only purchase up to four copies each.
Some fans joked about the vinyl causing them to spend a lot of money, while others praised its design.
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Thrift expert Lissy Clow advises shoppers to focus on value instead of just low prices when buying secondhand clothes. She shares four signs that show an item is worth purchasing, including good material quality, versatility, knowing when to wear it, and feeling a strong positive reaction to the item.
Key Facts
Rising prices have led more Americans to consider buying secondhand clothes to save money.
Natural fabrics like cotton, linen, and wool are more durable than many fast-fashion materials.
An item is worth buying if it can be worn in three to five different ways with clothes you already own.
Avoid buying clothes for imaginary occasions that may never happen.
Trust your gut feeling—the expert calls it the "yes" feeling when you really want and feel good in the item.
Thoughtful thrifting helps build a lasting wardrobe and supports sustainable practices.
Clow recommends focusing on quality and versatility to avoid unnecessary purchases.
Secondhand shopping is about intentional buying, not just finding cheap deals.
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