US Refunds $22 Billion Tariffs, Offsetting Customs Revenue (1)

The US Treasury refunded nearly $22 billion in tariff revenue collected from importers in May, the first swath of such repayments since the Supreme Court struck down a major component of President Donald Trump’s trade policy.

The amount was roughly equal to tariffs taken in during the month, according to a Treasury Department statement Wednesday, meaning that refunds essentially canceled out the government’s duties revenue.

The administration began processing refunds in April after the Supreme Court ruled that President Donald Trump didn’t have the authority to impose tariffs using the International Emergency Economic Powers Act. But the eventual extent of ...