Forbes Daily: Consumers Want Refunds On Tariffs, Too |
It’s not just companies seeking tariff refunds—consumers are trying to get their money back, too.
When the Supreme Court struck down President Donald Trump’s sweeping tariff agenda last month, it paved the way for thousands of companies to file lawsuits against the Trump Administration. But data shows that much of the money companies paid in tariffs was passed on as increased costs to consumers. Enter the class action lawsuit: at least five of which have been proposed against firms like Costco and FedEx.
If the legal actions are successful, those who shopped at the businesses while the tariffs were in effect—or, in the case of FedEx, paid tariffs on goods that were shipped to them—could be eligible to receive money.
This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here.
President Donald Trump said in an interview Sunday that he has demanded that at least seven countries send warships to reopen the Strait of Hormuz. With the critical oil shipping lane still impassable due to the ongoing war, a key U.S. oil benchmark ticked up just over $100 per barrel early Monday.
All three major stock indexes shed at least 1.3% last week amid the war in the Middle East and surging oil prices. The Dow Jones Industrial Average tumbled nearly 2% to its lowest point since November, while the S&P 500 and Nasdaq lost 1.6% and 1.3%, respectively.
A spate of data released Friday painted an increasingly negative picture of the U.S. economy—most of it from before the Iran war began.
The economy grew less than previously reported in the fourth quarter of 2025, with the Department of Commerce revising GDP growth from 1.4% to just 0.7%. That’s a major shift from 4.4% in the previous quarter, and reflects downward revisions to exports, consumer spending, government spending and investment, according to the report.
Adding to concerns about rising prices, the Federal Reserve’s preferred inflation metric ticked up in January. The Core PCE Price Index, which excludes the volatile food and energy prices, was 3.1% in the first month of 2026, coming in above consensus analyst estimates—and well above the central bank’s 2% target. The Federal Reserve is now almost certain to hold interest rates steady at its meeting this week, according to CME’s FedWatch tool.
And the University of Michigan’s latest survey provided a window into how the Middle East conflict is weighing on consumer sentiment. Interviews conducted before the U.S. attacked Iran showed improving views on the economy, but lower readings after the attack “completely erased those initial gains,” said Joanne Hsu, the survey’s director.
The U.S. will deploy more than 2,000 Marines aboard three warships to the Middle East, according to multiple reports, indicating that the war with Iran could stretch into April and increasing the possibility of boots on the ground. President Donald Trump has not ruled out ground operations against Iran, and some Republican lawmakers are pushing Congress to authorize such actions.
A federal judge ruled Friday that the Trump Administration cannot subpoena Federal Reserve Chair Jerome Powell, saying that the criminal investigation into the Fed chief was being used as a “pretext” to punish him for not reducing interest rates as Trump has demanded. The ruling will create a major obstacle to the investigation, though the administration could seek new subpoenas or pursue a new line of inquiry against Powell.
SPORTS + ENTERTAINMENT
Hollywood’s big prize went to One Battle After Another which won best picture at Sunday’s 98th Academy Awards, while Michael B. Jordan and Jessie Buckley won their first-ever Oscars—taking home the best actor and best actress prizes for their roles in Sinners and Hamnet—in a night that saw no major snubs or upsets. In his acceptance speech, Jordan named Sidney Poitier, Denzel Washington, Halle Berry, Forest Whitaker, Jamie Foxx and Will Smith, recognizing other Black actors who have won the award.
The price of jet fuel is up 57% since the U.S. began airstrikes on Iran, presenting what Deutsche Bank analyst Michael Lindberg called an “existential threat” for U.S. airlines. In response, carriers have said they will raise fares to pass on the cost, and experts say travelers should book summer trips now—though they recommend avoiding restrictive basic economy fares, so travelers can still cancel and rebook if prices drop.
Inside The Colleen Hoover Cinematic Universe
If there’s anything romance novelist Colleen Hoover has learned from working in Hollywood for the past few years, it’s that movie production moves far slower than publishing.
The 46-year-old writer released an astonishing 24 novels in the first decade of her career, becoming the best-selling author in the world in 2022 with titles such as It Ends with Us and Heart Bones. But she has spent much of the last four years cowriting and producing an adaptation of one of them, Reminders of Him, for its big screen release over the weekend.
During that time, Hoover’s novels have become a force at the box office. The movie adaptation of It Ends With Us raked in $350 million worldwide in 2024—despite months of nasty legal battling between stars Blake Lively and Justin Baldoni—and Regretting You scored a respectable $90 million in late 2025. This October’s Verity, starring Anne Hathaway and Dakota Johnson, will mark her fourth adaptation in just over two years.
Those projects, plus her hands-on work on Reminders of Him, left Hoover with no time to write any new books over the past three years. While her book royalties continued to roll in—Forbes estimates she earned some $4 million from book sales in 2025—she likely could have doubled or even tripled that total with a new novel.
WHY IT MATTERS “Hoover is a part of a new wave of female-led, contemporary fiction adaptations that have recently captured the zeitgeist, including TV shows Bridgerton, The Summer I Turned Pretty and The Last Thing He Told Me, and films The Housemaid and People We Meet On Vacation,” says Forbes reporter Matt Craig. “But if authors like Colleen Hoover want to ensure that the movies and shows are faithful to the source material, they’re going to have to sacrifice their time—and income.”
MORE The Highest-Paid Actors Of 2025
We’re about a month out from the IRS filing deadline of April 15, but some taxpayers may be waiting longer to file, data shows. Still, early filers tend to submit simpler returns, so a late surge of more complex returns could be coming:
60,719,000: The number of individual income tax returns the IRS had received as of March 6, a 1.2% drop from the same point last year
52.5%: The increase in visits to IRS.gov
$3,676: The average refund, up 10.6%
If you’re being “voluntold” to take on additional responsibilities at work without being formally assigned, it’s okay to ask for time to consider how new tasks might affect your current workload. Be as specific as possible about the impact these “voluntary” duties might have, and ask your manager which priorities can be shifted to accommodate the request. New responsibilities can also mean greater recognition and career opportunities, so try to leverage the skills for your future.
A popular Netflix film is getting a sequel, though no release date has been announced. Which movie is it?
A. “KPop Demon Hunters”
D. “People We Meet On Vacation”
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire, Chris Dobstaff and Caroline Howard.