New Delhi, June 14 -- NEW YORK - Thibaud Hug de Larauze remembers the week clearly. The moment the Trump administration announced sweeping new tariffs in April 2025, his phone started ringing. Not with angry suppliers or panicked logistics partners - with customers. Back Market, the French refurbished-electronics platform he co-founded, watched its U.S. sales growth triple in the week after the tariff announcement. Nearly a year later, it has not returned to where it was before.

That demand spike was not a tariff panic or a one-week anomaly. It was a recognition, delayed perhaps longer than it should have been, that an entire tier of the American consumer-electronics market had matured while most buyers were not paying attention. The ref...