The United States returned nearly $22 billion in tariffs in May, essentially offsetting the month's tariff revenue.

The U.S. Department of Treasury released data on June 10th showing that the U.S. refunded nearly $22 billion in tariff revenue to importers in May. This is the first batch of such refunds made by the U.S. government since the Supreme Court overturned most of Trump's tariff measures. The data shows that the overall fiscal deficit narrowed to $1.25 trillion in the first 8 months of this fiscal year, a 9% decrease from the same period last year. Meanwhile, tariff revenue reached its peak last October. The Treasury Department statement indicates that the amount of tariff refunds in May was roughly equivalent to the amount collected that month, meaning that the two essentially offset each other.