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Amazon reported that the AI and chips business generated by the AWS B2B operation drove sales in the second quarter, along with significant gains in product revenues, as the company previewed a formula to pass some of its $600 million in IEEPA tariff refunds directly to customers.

The Trump administration, as expected, imposed duties on a list of 60 economies, including separate countries and the European Union, as it continues to pursue tariffs after the United States Supreme Court struck down levies imposed under the International Emergency Economic Powers Act (IEEPA) of 1977.

There is yet another presidential tariff-imposing authority to keep an eye on in the wake of President Trump’s plan to hit a wide range of Canadian imports with 50% duties under Section 338 of the Tariff Act of 1930.