The U.S. Treasury Department has reported tax revenues from customs duties of $4.94 billion in May, up 66.2% year over year but down sequentially to the lowest value since September. That’s despite the recent increase in tariff rates on Chinese exports, and so likely reflects a drop in imports that could have fallen by 6.9% year over year. While U.S. companies and residents pay import duties – contrary to President Trump’s repeated assertions – there are signs of burden sharing with Chinese exporters. Average import price deflation of 1.1% for Chinese imports i...