Trump dodges mention of tariff refunds in State of the Union speech

Fortune

by Diane Brady

February 25, 2026

AI-Generated Deep Dive Summary

President Donald Trump’s recent State of the Union address highlighted a mixed economic landscape, with strong growth figures but lingering concerns about wage stagnation and rising inequality. While Trump boasted of a “roaring” economy, growth at 2.2% in 2023 and unemployment at 4.3%, many Americans remain skeptical due to sluggish wage increases and declining consumer sentiment. The speech also touched on proposed policies like a $1,000 401(k) match for workers without such plans, though critics argue this could strain already cash-strapped social programs. The address notably avoided any mention of tariff refunds, despite ongoing lawsuits from companies like FedEx and Costco over the legality of Trump’s emergency tariffs. The Supreme Court ruled these tariffs unconstitutional, but Trump vowed to continue using alternative legal avenues to maintain trade barriers. Meanwhile, the growing U.S. trade deficit and rising costs for consumers have sparked criticism among Democrats. The speech also hinted at regulatory changes for tech companies, with Trump proposing that they build their own power plants to control energy costs. While this was a softer tone on some issues, such as welcoming legal immigrants and cracking down on insider trading, the overall message underscored a focus on mid-term politics and economic populism. For businesses, these developments signal continued volatility in trade policy and potential risks to global supply chains. The growing deficit and cost-of-living crisis could also hinder long-term economic growth, despite the benefits of tax cuts and technological innovation. Companies are advised to closely monitor geopolitical tensions, adapt to shifting regulations, and prepare for increased scrutiny on their operations. Overall, Trump’s speech reflects a

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Originally published on Fortune on 2/25/2026