The US government is required to pay back $166 billion in revenue it collected as part of sweeping global tariffs struck down by the Supreme Court earlier this year.

On today’s Big Take podcast, host David Gura talks with Bloomberg economics reporter Laura Curtis and a trade expert in the field about the logistics of that payout, whether any of that money will reach consumers and how political pressure might push some companies to skip a refund altogether.

Read more: 
Oaktree Capital Accuses BJ’s of Breaching Tariff Refund Deal 
In Tariff Refund Process, First Payment Set to Go Out May 11 

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Laura Curtis; Edited by Jeffrey Grocott and Tracey Samuelson.

Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The US government is required to pay back $166 billion in revenue it collected as part of sweeping global tariffs struck down by the Supreme Court earlier this year.
On today&rsquo;s Big Take podcast, host David Gura talks with Bloomberg economics reporter Laura Curtis and a trade expert in the field about the logistics of that payout, whether any of that money will reach consumers and how political pressure might push some companies to skip a refund altogether.
Read more:&nbsp;
<ul>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2026-04-28/oaktree-capital-accuses-bj-s-of-reneging-on-tariff-refund-trade">Oaktree Capital Accuses BJ&rsquo;s of Breaching Tariff Refund Deal</a>&nbsp;</li>
<li aria-level="1"><a href="https://www.bloomberg.com/news/articles/2026-04-28/in-tariff-refund-process-us-says-15-of-entries-denied-so-far">In Tariff Refund Process, First Payment Set to Go Out May 11</a>&nbsp;</li>
</ul>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Laura Curtis; Edited by Jeffrey Grocott and Tracey Samuelson.
Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

How the US Government Plans to Refund $166 Billion in Tariffs

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/95ec8d94-74b4-4963-b71e-b43c015f2d78/transcript

The Ebola outbreak in eastern Democratic Republic of Congo may have been spreading for months, according to the World Health Organization.

On this week’s episode of the Next Africa Podcast, Jennifer Zabasajja is joined by healthcare reporter Janice Kew and Congo Country Director for the Danish Refugee Council, Caitlin Brady. They discuss the impact of aid cuts on the outbreak and how serious the crisis could get.

For more stories from the region, sign up for the Next Africa newsletter.

The Ebola outbreak in eastern Democratic Republic of Congo may have been spreading for months, according to the World Health Organization.
On this week&rsquo;s episode of the Next Africa Podcast, Jennifer Zabasajja is joined by healthcare reporter Janice Kew and Congo Country Director for the Danish Refugee Council, Caitlin Brady. They discuss the impact of aid cuts on the outbreak and how serious the crisis could get.
For more stories from the region, sign up for the <a href="https://www.bloomberg.com/account/newsletters/next-africa">Next Africa newsletter.</a>

Next Africa: Did Aid Cuts Make The Ebola Outbreak Worse?

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/7ab6e3db-7944-4ff7-b45d-b4550147064f/transcript

Beyond this month's talks between Chinese President Xi Jinping and US President Donald Trump, there’s an epic tale that has been unfolding for decades. It’s a battle to be the world’s number one power and a much bigger story than the latest meeting of these two men.  

Kishore Mahbubani is a former Singaporean diplomat who served as president of the United Nations Security Council. For two decades, he has argued that the West fundamentally misunderstands the rise of China and its challenge to American supremacy.

Mahbubani, who eventually turned to academia, now specializes in governance and public policy. In this conversation with Mishal Husain, he traces the story behind the Xi-Trump talks, the handshakes and the social media posts–and what may lie ahead.

Mahbubani also reveals how his own successes were made possible by Singapore’s remarkable growth.

Beyond this month's talks between Chinese President Xi Jinping and US President Donald Trump, there&rsquo;s an epic tale that has been unfolding for decades. It&rsquo;s a battle to be the world&rsquo;s number one power and a much bigger story than the latest meeting of these two men.&nbsp; Kishore Mahbubani is a former Singaporean diplomat who served as president of the United Nations Security Council. For two decades, he has argued that the West fundamentally misunderstands the rise of China and its challenge to American supremacy. Mahbubani, who eventually turned to academia, now specializes in governance and public policy. In this conversation with Mishal Husain, he traces the story behind the Xi-Trump talks, the handshakes and the social media posts&ndash;and what may lie ahead. Mahbubani also reveals how his own successes were made possible by Singapore&rsquo;s remarkable growth.

Weekend Listen: China vs the US: Kishore Mahbubani on a Zero-Sum Rivalry

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/bc8330f1-0c65-43ab-8f19-b451011c6adf/transcript

The global bond market buckled over the past week. Yields on 30-year US Treasuries hit their highest level in almost 20 years, while long-term debt yields in the UK and Japan reached multi-decade highs. It’s a signaling effect, Bloomberg’s Enda Curran says, that investors around the world are increasingly convinced higher inflation is here to stay.

On today’s Big Take podcast, Curran and host David Gura discuss how supply shocks from the Iran war feed into longer-term inflation concerns, how AI might provide a way out for the global economy — and what this rout in the bond market means for the Federal Reserve, its new chair and the rest of us.

Listen more: The Great Bond Car Wreck — in Slow Motion

Read more: $50 Trillion Safe-Haven Debt Market Upended by Iran War Inflation

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by David Gura; Produced by David Fox; Reported by Enda Curran, Mark Schroers, Ye Xie and Jorgelina Do Rosario; Edited by Jeffrey Grocott.

Fact-checking by Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The global bond market buckled over the past week. Yields on 30-year US Treasuries hit their highest level in almost 20 years, while long-term debt yields in the UK and Japan reached multi-decade highs. It&rsquo;s a signaling effect, Bloomberg&rsquo;s Enda Curran says, that investors around the world are increasingly convinced higher inflation is here to stay.
On today&rsquo;s Big Take podcast, Curran and host David Gura discuss how supply shocks from the Iran war feed into longer-term inflation concerns, how AI might provide a way out for the global economy &mdash; and what this rout in the bond market means for the Federal Reserve, its new chair and the rest of us.
Listen more: <a href="http://swap.fm/l/4H5hwGzJz1MVS96XNTP2">The Great Bond Car Wreck &mdash; in Slow Motion</a>
Read more: <a href="https://www.bloomberg.com/news/features/2026-05-21/iran-war-upends-inflation-bets-in-50-trillion-debt-market-safe-haven?srnd=undefined">$50 Trillion Safe-Haven Debt Market Upended by Iran War Inflation</a>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by David Gura; Produced by David Fox; Reported by Enda Curran, Mark Schroers, Ye Xie and Jorgelina Do Rosario; Edited by Jeffrey Grocott.
Fact-checking by Laura Newcombe; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

Why You Should Care About What’s Happening in the Bond Market 

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c62e9f06-4c15-454f-b956-b45201424545/transcript

How the US Government Plans to Refund $166 Billion in Tariffs

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