US Treasury Refunds $22 Billion in Tariffs After Supreme Court Ruling
By
Daniel Flatley, Laura Curtis
A touch underbaked. Edible, but you'll want a strong coffee alongside.
Summary
The US Treasury refunded nearly $22 billion in tariff revenue to importers in May, following the Supreme Court's decision to strike down a key component of President Trump's trade policy. These refunds essentially canceled out the government's entire monthly tariff revenue, marking the first wave of repayments since the court ruling.
Key quotes
· 2 pulledThe 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.
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