It’s been nearly a year since President Trump unveiled his “Liberation Day” tariffs, making the markets go haywire and creating sky-high duties for all kinds of businesses. 

“It was stunning for a lot of founders,” says Inc.’s Melissa Angell, who recently filed a deep report on the first year of Trump’s tariff agenda. While the Supreme Court eventually struck down Trump’s initial tariff slate, he hasn’t given up the fight and businesses are still reeling.  

Angell joined host Chloe Aiello on this edition of The Business Model to review how businesses have responded to the year of uncertainty and discuss what comes next — including potential refunds and a new practice of “tariff stacking.”