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 of customs duties refunded surged from $2 billion in April, according to a Treasury Department statement Wednesday. Overall, the deficit narrowed to $1.25 trillion for the first eight months of the fiscal year, representing a 9% decline from the same period last year.
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