The U.S. Treasury earned $5.61 billion from customs duties in June, a 66.2% year over year increase resulting from the steady increase in tariffs on Chinese imports. The increase in rates applied in May likely added $2.75 billion year over year on its own. There’s been a decline in the average tariff rate to 2.7% from the January peak of 3.1%. That indicates an increased use of tariff-optimizing business models such as use of the first-sale rule. There’ll also be increased pressure on companies to raise prices for their customers and demand cost reductions from their Chinese suppliers. I...