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

Cheunghyo/Getty Images An Australian clothing company, Nashie, recently received a six-figure refund from the US government, including 6% interest, for tariffs it had paid on US imports. It’s just one of thousands of businesses reclaiming tariffs imposed on what President Donald Trump called “Liberation Day”. Of the roughly US$166 billion due to be refunded, more than US$85 billion has already been returned to businesses. But while a US Supreme Court ruling in February reversed the tariffs,…