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Tariff Refunds Surge, Deficit Soars | Durham News
In June, the U.S. Treasury collected $23.6 billion in customs duties but handed out $49.2 billion in tariff refunds — a staggering net outflow of $25.6 billion that pushed the federal deficit to $120 billion for the month. This reversal contrasts sharply with last year’s surplus, fueled by the Supreme Court’s recent ruling striking down broad tariffs, which has triggered a surge in refunds — more than doubling from May. The previous administration is challenging the court’s order to refund all affected importers, arguing it’s too sweeping. With the fiscal year deficit now at $1.367 trillion —…
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