When businesses receive unexpected financial relief, conventional wisdom suggests they’ll invest, hire and grow.
But according to Dr. Stephen Craft, dean of Oglethorpe University’s Hammack School of Business, the reality is often more complicated.
Craft recently shared his perspective with The Atlanta Journal-Constitution (subscription required) as the newspaper examined more than $1.5 billion in tariff refunds being received by major Georgia companies following a U.S. Supreme Court ruling that invalidated certain federal import tariffs. While some observers view the refunds as a potential economic boost, Craft argues that business leaders remain focused on a different concern: uncertainty.
“It’s not clear that companies are going to see this as a windfall,” Craft told the AJC.
His observation reflects a broader challenge facing organizations across industries. Over the past two years, companies have navigated shifting tariff policies, inflationary pressures, supply chain disruptions and changing consumer demand. Even when costs fall or money is returned, leaders must decide whether to invest for growth or preserve flexibility in case conditions change again.
As Craft explained, uncertainty often shapes decision-making as much as financial performance.
“Is it something that ends up creating more jobs, more opportunities, more business lines, or does it simply just get banked and saved for the next unpredictable policy change?” he told the newspaper.
The question extends beyond tariffs. It highlights a fundamental business reality: organizations make decisions not only based on today’s conditions but also on expectations about tomorrow. In the AJC’s reporting, several companies indicated they plan to use refunds to offset costs, strengthen balance sheets or manage inflationary pressures rather than immediately pursue major expansion.
For Oglethorpe students, issues like tariffs offer a real-world example of how economics, public policy and business strategy intersect. Understanding those connections requires more than technical business knowledge. It requires the ability to evaluate competing interests, navigate ambiguity and make informed decisions when there are no easy answers.
Craft’s comments in the AJC reflect the type of analysis Oglethorpe faculty bring to current events, helping students connect classroom learning with the complex challenges shaping today’s economy.
About Dr. Stephen Craft
Dr. Stephen Craft serves as dean of Oglethorpe University’s Hammack School of Business. He leads the school’s undergraduate and graduate business programs and regularly provides insight on business, economic and workforce issues affecting Georgia and the broader economy. Through teaching, scholarship and public engagement, Craft helps prepare students to lead in an increasingly complex and interconnected world.
About the Hammack School of Business
The Hammack School of Business at Oglethorpe University prepares students to lead in a rapidly changing global economy through a distinctive blend of business education and liberal arts learning. Offering undergraduate majors and concentrations across core business disciplines, as well as graduate programs including the MBA, the school emphasizes critical thinking, ethical leadership, effective communication and real-world experience. Located in Atlanta, one of the nation’s leading centers for business and innovation, the Hammack School of Business connects students with internships, industry leaders and hands-on learning opportunities that help them translate classroom knowledge into professional success.
