The United States refunded nearly $220 billion in tariffs in May, essentially offsetting the tariff revenue for that month.

In May, the US Treasury Department refunded nearly $22 billion in tariff revenue to importers. This is the first batch of such refunds made by the US government since the Supreme Court overturned most of Trump's tariff measures. According to a statement released by the Treasury Department on Wednesday, the total amount of tariffs refunded in May significantly increased compared to the $2 billion refunded in April. For the first 8 months of this fiscal year, the overall budget deficit narrowed to $1.25 trillion, a 9% decrease from the same period last year. Meanwhile, tariff revenue peaked in October last year. 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.