WSJ What’s News – Episode Summary

Episode Title: Hundreds of Companies Sue Over Trump Tariffs
Date: February 24, 2026
Host: Daniel Bach (for the Wall Street Journal)
Key Guests: Alex Frangos (WSJ Business & Economics Editor), Rolf Winkler (WSJ Tech Reporter), Matthew Luxmore (WSJ Foreign Correspondent)

Episode Overview

This episode zeroes in on sweeping legal and economic fallout from tariffs imposed by President Trump, the impact of recent Supreme Court decisions, and broader economic issues affecting both U.S. businesses and global politics. Key topics include the evolving U.S. trade policy under Trump’s administration, mounting lawsuits by major companies for refunding “illegally” collected tariffs, Apple’s efforts to reshore production, market movements, and a nuanced update on the grinding war in Ukraine as it enters its fourth year.

Key Discussion Points & Insights

1. Trump Administration’s New Tariff Strategy

(00:43 - 03:14)

• The Trump administration is seeking new legal avenues to reimpose tariffs after the Supreme Court ruled many previous tariffs (including those under the International Emergency Economic Powers Act) illegal.
• President Trump aims to invoke different statutes—specifically Section 301 and Section 232—to justify new tariffs on industries like large-scale batteries, industrial chemicals, and power/telecom equipment.
• Quote:
  “He’s basically figuring out how can he reestablish a blanket of tariffs on lots of countries around the world after the Supreme Court ruling said he can’t do it the way he was doing it.”
  — Alex Frangos (01:33)

2. Companies Suing for Tariff Refunds

(02:22 - 03:14)

• With Customs and Border Protection halting collection of invalidated tariffs, many businesses (including FedEx and Costco) are demanding refunds, totaling over $100 billion paid last year.
• This creates major fiscal implications for the federal government as those funds are already in use for government spending and debt repayment.
• Quote:
  “We paid like over $100 billion worth of tariffs last year that had been invalidated by the Supreme Court. We’d like that money back.”
  — Alex Frangos (02:38)

3. Trump’s Economic Report Card & State of the Union

(03:14 - 04:43)

• Trump is set to defend his economic record, giving himself an “A plus plus plus plus,” despite a mixed reality:
  • Job growth has slowed, but unemployment remains low.
  • The trade deficit is at an all-time high, as U.S. trading partners navigate around tariffs.
  • Inflation has eased, but public sentiment is still negative; many feel tariffs increase pressure on consumers and the president’s attention is diverted to foreign issues.
• Quote:
  “People don’t really like it. So I think that the State of the Union...he is going to try to kind of reset the narrative that he is very focused on their pocketbook issues.”
  — Alex Frangos (04:29)

4. Apple and American Manufacturing

(04:43 - 06:23)

• Apple announces Mac Mini production will move to the U.S. (Houston), aligning with its $600 billion domestic investment pledge.
• Efforts to boost U.S. semiconductor production highlighted by a major TSMC plant in Arizona; however, the chips made there remain technologically behind those produced in Taiwan (“Silicon Shield” to deter Chinese aggression).
• Quote:
  “What’s made in Arizona is five years behind and will continue to be five years behind. There’s no way Taiwan is going to allow the best technology off the island because that’s to defend against Chinese invasion.”
  — Rolf Winkler (05:53)

5. Market Trends & Global Business Updates

(06:23 - 07:57)

• Stock futures rebound after a previous day’s sell-off triggered by AI disruption fears and tariff policy uncertainty.
• Bitcoin slides toward $63,000.
• U.S. airline stocks suffer as winter storms cause severe travel disruptions.
• Chinese automaker BYD’s European sales tripled, surpassing Tesla, as European competitors see declines.
• China bans export of critical minerals and technologies to 20 major Japanese companies, escalating trade tensions.

6. Four Years Into the Russia-Ukraine War

(08:31 - 13:02)

• Matthew Luxmore provides a sobering update: the frontlines are largely static; Russia’s gains are minimal compared to initial advances, and Ukraine has held firm thanks to resilience and external support.
• Massive Russian casualties (around 30,000 soldiers/month).
• Drones and electronic warfare are a major reason for the battlefield stalemate—any advance is quickly targeted and destroyed, leading to a bloody and static conflict.
• Russia is preparing for a long war, leveraging economic incentives to recruit in poorer regions while Ukraine faces manpower shortages and depends heavily on Western aid.
• Neither side is willing to back down, and public sentiment in Ukraine resists any peace deal requiring significant territorial concessions.
• Quote:
  “For Russia’s President Vladimir Putin, this is really a question of his legacy after a quarter of a century in power. He really has an obsession with bringing Ukraine under Moscow’s sway.”
  — Matthew Luxmore (09:30)
  “Drones play a large part in why this war is so stuck...it’s impossible, really, for either side to move forward, because as soon as a small group of soldiers moves forward, they are immediately targeted by drones.”
  — Matthew Luxmore (11:02)

Notable Quotes & Memorable Moments

• On Tariff Refunds:
  “We’d like that money back. I mean, we were taxed illegally and we’d like that back.”
  — Alex Frangos (02:38)

• On U.S. Tech Supply Chains:
  “It’s called the Silicon Shield. Does China want to invade the island that actually makes the world’s most advanced chips, like all of them, that would be ruinous to the world economy.”
  — Rolf Winkler (06:06)

• On the War of Attrition in Ukraine:
  “It has turned into a war of attrition, essentially, which side buckles first? But now it’s been going on for four years, and neither side has buckled so far.”
  — Matthew Luxmore (12:45)

Timestamps for Key Segments

• 00:43: Trump’s new tariff plans and legal reasoning
• 02:22: Lawsuits for tariff refunds & federal fiscal implications
• 03:14: Trump’s economic self-assessment vs. actual data
• 04:43: Apple reshoring, TSMC’s Arizona plant, “Silicon Shield”
• 06:23: Market and corporate news, global trade tensions
• 08:31: Four years since Russia invaded Ukraine, peace prospects
• 11:02: How drone warfare and attrition define the frontlines
• 12:45: Analysis of the war’s likely trajectory and Ukraine’s challenges

Episode Takeaways

• President Trump’s tariff strategy continues to shape business, legal, and economic realities, with billions at stake as companies fight for refunds after a pivotal Supreme Court ruling.
• The economic landscape remains mixed with low job growth, lingering consumer discontent over inflation, and record trade deficits.
• Major shifts in tech manufacturing (Apple, TSMC) highlight ongoing U.S.-China strategic competition.
• The Russia-Ukraine war remains intensely costly, driven into a static and deadly stalemate by technology (drones) and entrenched national positions—with no end in sight.