June’s effective US tariff rate was about -8%, according to Jack Salmon, an unusual signal that refunds outweighed tariff collections. He said tariff refunds fo

June’s effective US tariff rate was about -8%, according to Jack Salmon, an unusual signal that refunds outweighed tariff collections. He said tariff refunds for the month were nearly $26 billion, underscoring the scale of the trade-policy reversal.