The Fallout Over Tariff Reimbursements

THERE IS A FLURRY OF ECONOMIC MOVES THAT COULD IMPACT YOUR LIFE FROM LAYOFFS IN THE TECH SECTOR TO ROLLER COASTER OIL PRICES. NOW YOU CAN ADD THE REIMBURSEMENT OF TARIFFS IMPOSED BY THE WHITE HOUSE TO THAT LIST. I HAD THE CHANCE TO SIT DOWN WITH THE FORMER U.S. ASSISTANT SECRETARY OF COMMERCE TO FIND OUT WHO IS GOING TO GAIN FROM THESE DEVELOPMENTS AND WHAT IT COULD MEAN FOR YOUR BANK ACCOUNT IN THE FUTURE. WE ARE JOINED NOW BY A LAW 100 CASTILLO. SHE HAS SERVED AS THE LEADER OF THE ECONOMIC DEVELOPMENT ADMINISTRATION IN WASHINGTON, D.C. THANK YOU SO MUCH FOR JOINING US TODAY. >> TO PLAN TO BE WITH YOU. >> THE TRUMP ADMINISTRATION HAS STARTED THE PROCESS OF REFUNDING MORE THAN 160 BILLION DOLLARS IN TARIFFS THAT THE U.S. SUPREME COURT STRUCK DOWN EARLIER THIS YEAR. CAN YOU HELP US UNDERSTAND HOW THIS DECISION CAME TO BE AND ALSO HOW THIS PROCESS WORKS FOR THOSE TRYING TO SEE OUR REFUNDS. >> SO LET'S TAKE A STEP BACK. AND, YOU MENTION DID BACK IN APRIL OF 2025. WE HEARD THE PRESIDENT AND THE ADMINISTRATION TALK ABOUT LIBERATION DAY. HE CALLED IT THE RECIPROCAL TARIFFS AND BASICALLY HE INVOKED A LAW THAT DATES BACK TO 19 TO 27, WHICH IS CALLED THE INTERNATIONAL EMERGENCY ECONOMIC POWERS ACT. YOU KNOW, IN WASHINGTON, WE HAVE A MOUTHFUL. NO, NO. SO AS I THOUGHT SO WHEN I MENTIONED, I I'M WITH BOEING TO THIS PARTICULAR LAW AND WHAT THE ADMINISTRATION DID WAS THAT THEY RAISE TAXES ACROSS THE BOARD. ENTRE THIS SKIES OF AN EMERGENCY. BUT WHAT THE SUPREME COURT DID IS THAT A RULE THAT SAYS THAT THE POWER TO TAX? AND TARIFFS ARE ACTUALLY A TAX REALLY BELONGS WITH CONGRESS. SO UP BASED ON THAT RULING THE PRESIDENT NOW HAVE TO WE FUND WITH INTEREST. THE OVER 160 BILLION DOLLARS THAT WERE CAPTURED AND ARE THE TARIFFS WHICH I WILL SAY IT IMPACTED. 330 AMERICAN IMPORTERS ACROSS 50 20 MILLION SHIPMENTS. SO THIS IS A WEEK BEING AMOUNT OF ACTIVITY THAT'S HAPPENING. AND AS YOU WELL POINTED OUT THIS PAST MONDAY, CUSTOMS AND BORDER PATROL OPENED A REFUND PORTAL AND WHAT IS REQUIRED IS AMERICAN IMPORTERS NOW HAVE TO FILE FOR CLAIM THEY HAVE TO SHOW WHAT THAT WHAT THE AMOUNTS ARE AND THEY WILL WAIT. ANOTHER THAT HONEST PROCESS. >> NOW, FROM WHAT I UNDERSTAND, BUSINESSES CAN GET THE CHANCE TO RECOUP SOME OF THE MONEY. BUT THE CONSUMER MAY NOT EVER SEE A DIME. HOW DOES THAT WORK AND WHY? >> IT IS. AND THAT IS THAT APART THAT AS SOMEBODY WHO MONITORS ITS WHO STUDIES IT IS IS IT'S ALMOST PAINFUL TO HAVE TO ACKNOWLEDGE AND ITS TRIAL. THE PORTERS ARE THE ONES WHO HAVE STANDING. ASHELY REQUESTS. THESE WE FOUGHT. NOW. THE QUESTION IS WHAT'S LEFT FOR CONSUMERS AND THE QUESTION OF THE HOMES IS WHETHER THESE EMPLOYERS ON THESE BUSINESSES. SO LONG, THOSE REFUNDS BACK TO. WELL, THEY DO THAT WILL BEAT THAT ARE QUESTION MARKS. IT STILL NOT BEEN ANSWERED. >> SOME OTHER MORE IMMEDIATE ECONOMIC NEWS DEALS WITH LAYOFFS THAT WE SEE COMING FROM LARGE TECH COMPANIES LIKE META ALPHABET. MICROSOFT, AND EVEN AMAZON. IS THIS SOMETHING THAT WAS ANTICIPATED THAT YOU ARE ANTICIPATING SEEING AT THIS TIME? >> HERE'S WHAT I'LL SAY. I'VE BEEN TALKING ABOUT AT LEAST 4 DIFFERENT TYPES OF CRISIS EASE ECONOMIC CRISIS TEAMS THAT WE ARE CONFRONTING THE FIRST ONE WE ALREADY SPOKE ABOUT WHERE THESE THESE TARIFFS WERE IT TO SCORE, BUT THEY THEY WERE PLACED ON COME ON. IMPORTERS, DIFFERENT INDUSTRIES. AND AND WE WERE ALL THAT UNDERSTANDING THAT STORIES WE'RE GOING TO PAY THE HIGHER PRICE. SECOND ONE COMES WITH IMMIGRATION AND WHAT'S HAPPENING. TRUMP SAYS THE LABOR MARKET, I PARTLY IN A NORTHWEST, INDIANA AND I SEE HOW WHAT POACHER AND RANCHERS AND SO MANY INDUSTRIES THAT ARE RELIANT ON ON LEON, ON A BLUE COLLAR WORKERS ARE BEING IMPACTED. >> AND TURNING AGAIN TO IMMIGRATION AND ITS IMPACT ON THE ECONOMY. WHAT IS YOUR PERSPECTIVE ON HOW THE MASS DEPORTATIONS HAVE IMPACTED THE ECONOMY BOTH ON THE NATIONAL LEVEL AND IN THE STATE OF FLORIDA. WE KNOW THAT. >> NOT ONLY HAS IT HAS THE IMMIGRATION ACTIONS IMPACTED INDIVIDUALS WHO DON'T HAVE A A LEGAL CITY OF A LEGAL STATUS HERE. BUT IT HAS ALSO IMPACTED INDIVIDUALS WILL HAVE A LEGAL STATUS BECAUSE IT'S BEEN SWEEPING AND IT'S BEEN DONE IN A IN A WAY. AND THESE ARE MY WORDS THAT HAVE BUILT REALLY BEEN NOT HAVE SHOWN THE BEST OF AMERICANS AND IN WAYS THAT HAVE BEEN VERY INHUMANE. WE'RE SEEING THAT CHILLING EFFECT. ALSO SEE, AGAIN, I HAVE TO GO BACK THESE OTHER 4 CRISES THAT I MENTIONED AT THE ONSET OR SO OR SITTING OUT THE AGRICULTURAL SECTOR IS BEING IMPACTED. ALL OF WHICH IN THE STATE OF FLORIDA, IT'S IT IS A BIG INDUSTRY. WE'RE ALSO SEEING HOW INTERNATIONAL STUDENTS TO OUR UNIVERSITIES, WHICH THE STATE OF FLORIDA HAS MANY HAS ALSO HAD A CHILLING EFFECT. THIS IS AN IMMIGRATION APPROACH THAT WILL ACTUALLY HELP US IN THE LONG RUN IN TERMS OF OUR ECONOMY. >> AND ALSO MANY OF US ARE VERY CONCERNED ABOUT AFFORDABILITY ISSUES AND INFLATION. DO YOU SEE INFLATION RISING THROUGH THE END OF 2026? AND WHY? >> WELL, OUR WHERE ARE SEEING INFLATION CONTINUE TO RISE EVEN WHEN THERE WAS A PROMISE TO ADDRESS INFLATION FROM DAY ONE AND IN LARGE PART BECAUSE AGAIN, WE'RE SEEING THE CERTAINTY OF WHATS HAPPENING IN THE ECONOMY, WHETHER IT'S A TEST FOR U.S. IMMIGRATION RAIDS, AI AND TECHNOLOGY AS WELL AS THIS WAR IN A AND THE ROT WE'VE HEARD FROM THE ADMINISTRATION ITSELF THAT A GASOLINE PRICES MAY CONTINUE BE AS HIGH AS THEY ARE NOW IN 2020. SO UNFORTUNATELY, I WILL HAVE TO SAY I I DO ANTICIPATE THAT INFLATION WILL CONTINUE TO RISE IN THE STATE OF FLORIDA. THE AFFORDABILITY ISSUE IS NOT JUST IN TERMS OF THE COST OF OURS OF THE PRODUCTS THAT WE BUY, THE SUPERMARKET. IT'S ALSO OUR HOUSING, THE COST OF INSURANCE PROPERTY TAX, A CONFLUENCE OF SO MANY DIFFERENT DYNAMICS THAT ARE IMPACTING FLORIDIANS AND ARE CONTINUING TO RAISE THE COST LIVING IN THE STATE. >> GIVE ANY ADVICE FOR THE JUST AVERAGE WORKING PERSON OUT THERE. THAT'S LISTENING. YOU KNOW IT. IT SEEMS LIKE A VERY CHALLENGING TIMES ECONOMICALLY. WHAT WOULD YOU LIKE TO SHARE WITH THEM ON? I'M REALLY HAD TO MAKE THROUGH EACH DAY AND EACH WEEK. >> YEAH, YOU KNOW, I SHARE THE SAME ADVICE. I GIVE MY FAMILY, WHICH IS, YOU KNOW, WHEREVER POSSIBLE. LOWER YOUR DEBT, BE MINDFUL OF WHAT YOU'RE PURCHASING PERHAPS YOU LARGE PURCHASES. YOU MAY WANT TO HOLD OFF AND UNTIL WE CAN, WHETHER THROUGH AT LEAST WHAT'S HAPPENING WITH THE WITH THE MIDDLE EAST IN TERMS OF THAT, THE COSTS OF PRODUCTS THAT WE BUY AND THE SHIPMENTS THAT ARE COMING THROUGH. BUT AT THIS POINT IN TIME, ONE OF THE MAJOR ISSUES THAT CONCERNS ME IS MAKING SURE THAT AS AMERICANS WE CAN LOWER OUR DEBT AND MANAGE IT BECAUSE WE MAY SEE CONTINUE. WE WILL SEE CONTINUE RISING COSTS AND AND EVEN POTENTIALLY EVEN RISING INTEREST RATES. >> THANK YOU SO MUCH FOR YOUR INSIGHT TODAY AND AND YOUR TIME. THANK YOU. >> THANK YOU. GREATLY APPRECIATE IT.