Trump Poised to Roll Out New Tariffs as He Refunds the Old Ones

Tariff revenue is now flowing out of the US Treasury’s coffers faster than it’s coming in, with nearly $22 billion in unlawfully collected duties reimbursed to importers in May.

American consumers shouldn’t breathe a sigh of relief with this unusual form of tax returns, though. Businesses continue to pay tariffs on goods from nearly every country, even after the Supreme Court struck down President Donald Trump’s “emergency” tariffs in February.

While the clock runs out at the end of July on the temporary 10% global rate Trump put in place immediately after the ruling, White House officials have pledged ...