U.S customs duties paid to the Treasury in December fell by 6.2% year over year to $6.05 billion. While U.S. imports from China have been rising, there has been an increasing proportion of consumer goods which are not subject to the section 301 duties that have underpinned the trade war. President-elect Biden is unlikely to reduce the tariff base early in his term. The section 301 duties theoretically raised as much as $90.2 billion before exemptions since their implementation in mid-2018. Even if removed, not all the benefit will accrue to U.S. consumers given there are signs of prio...