The US is issuing billions in tariff refunds. That won’t unwind the damage to the global trading system

By Markus Wagner, Professor of Law and Director of the UOW Transnational Law and Policy Centre, University of WollongongJuly 23, 2026

Refunds on US$160 billion of tariffs are slowly flowing back to businesses. But they won’t restore lost customers or lost confidence in trading with the US.

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Politics & Society Science Economics

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