U.S. Treasury income from customs duties reached $5.0 billion in July. That was up by 11.9% from June and represents an average tariff rate of 2.9% which was the highest since February. The reimposition of tariffs on imports of aluminum from Canada and a surge in imports from China in peak season may push customs duties higher. The process by which U.S. firms have been sharing the burden of tariffs with Chinese suppliers appears to be becoming less effective. U.S. import price deflation from China was just 0.5% year over year in July, the slowest rate since Jan. 2019. There are particula...