The U.S. Treasury’s income from tariffs dropped by 22.3% year over year in May and by 6.8% sequentially to $3.83 billion, the lowest since June 2018. A drop in demand for imports due to COVID-19 and a reduction in tariff rates on imports from China were the reasons. While the declining tariff load may help U.S. importers, the burden sharing with suppliers in the form of lower prices may be lessening. Average U.S. import prices fell by 0.7% year over year in May, the 17th straight decline and a reflection in part of Chinese suppliers cutting prices to help offset tariffs. Yet, the 1.0% sl...