• MAI Capital flagged tariff refunds as a one-time cash reversal for businesses, not a lasting improvement in underlying fundamentals.
• Refunds have exceeded new tariff collections since May, creating net government outflows for three straight months.
• June saw record refunds of USD 49.2 billion versus USD 23.6 billion collected; about 40% of refunds remain unprocessed.
• It linked refunds to a wider fiscal deterioration, citing an annual deficit near USD 1.8 trillion with debt above USD 40 trillion.
• It urged investors to avoid headline-driven moves, noting markets hit new highs despite trade and fiscal uncertainty.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. MAI Capital Management LLC published the original content used to generate this news brief on August 28, 2026, and is solely responsible for the information contained therein.