Paper Clips

July 2026

The most important piece of direct mail

In July of 1776, the most important piece of direct mail in American history was delivered the only way it could be: as a physical document, carried by hand to recipients who needed to see it. Post riders moved copies of the Declaration across the colonies mile by mile, to assemblies, to committees, to commanders in the field. It was targeted, addressed, and hand-delivered. And when one arrived, it wasn't skimmed and set aside. It was read aloud in the town square, to crowds and to George Washington's troops. That's direct mail at its core: get the right message into the right hands, and make it impossible to ignore. 250 years later, the principle holds. A real piece of mail carries weight that a notification never will. It gets opened. It gets read. It gets remembered.
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Nike says it expects $986 million in IEEPA tariff refunds

Nike says it’s in a better financial position as it awaits nearly $1 billion in refunds related to tariffs imposed under the International Emergency Economic Powers Act. On Tuesday, Nike shared that its growth margin for its fiscal fourth quarter of 2026 increased 890 basis points to 49.2%, “primarily due to the expected recovery of the IEEPA tariffs.” The company added that its North America business expects to recover $965 million in tariff refunds from the U.S. government, while its Converse business expects to recover $21 million.
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US won’t renew USMCA, opening door for negotiations with Canada and Mexico

The Trump administration has decided not to renew its trilateral trade pact with Canada and Mexico, instead opting to conduct annual reviews of the treaty that President Donald Trump once called "the best agreement we've ever made." The widely anticipated decision on the United States-Mexico-Canada Agreement, known as USMCA, was revealed Wednesday, the deadline for the three North American trade partners to determine whether they would renew their agreement for another 16-year term. The decision means the USMCA will stay in effect for another decade, provided no member tries to withdraw from it. But it also triggers yearly reviews that could result in the renegotiation of major parts of the treaty.
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Consumer confidence ticks up in June; labor market concerns rise

Americans’ outlook about the economy improved somewhat in June as moderating gas prices brought some relief to inflation-weary consumers. The Conference Board Consumer Confidence Index ticked up by 0.6 points to 91.2, in June, up from a downwardly revised 90.6 in May but below its year-ago reading of 95.2. “Consumer confidence inched up in June as falling oil prices in recent weeks provided some relief to consumer inflation fears,” said Dana M Peterson, chief economist, The Conference Board. Perceptions of the current labor market softened measurably in June as the percentage of consumers saying jobs were ‘hard to get’ rose to 22.5%, the highest level since January 2021 (22.8%).
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Forbes again names Smurfit Westrock as one of the world’s most successful companies

Smurfit Westrock has once again been included on the Forbes Global 2000 list of the world’s most successful public companies.  The prestigious ranking measures global impact and financial strength and is determined by criteria including sales, assets and market value.  The 2000 companies on this year’s Forbes Global 2000 list account for $56 trillion in annual revenue, $5.5 trillion in profit and $121.9 trillion in market value. Smurfit Westrock was also recognized this week as one of TIME magazine’s World’s Most Sustainable Companies. Smurfit Westrock operates in 40 countries worldwide and has approximately 97,000 employees.
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