Trump’s suspension of the carve-out had led to more than $1 billion in duty payments by the end of 2025, according to Customs and Border Protection.

In a report released Aug. 13, the White House Office of Trade and Manufacturing Policy accused dozens of countries of being part of China’s “shadow transshipment network.”

Trump and his officials have demanded Carney act on a lengthy list of trade irritants or the U.S. will move forward on Aug. 19 with 50% duties on about $20 billion worth of Canadian products.

Oil prices eased on Aug. 13, helping to limit worries about inflation. The price for a barrel of Brent crude oil fell 2.5% to $86.75.

The refunds to consumers are the last step in a monthslong process that kicked off in February when the Supreme Court struck down sweeping tariffs implemented by President Donald Trump in March 2025.

Retailers are benefiting from greater consumer resiliency than might have been expected, but the chains creating the most consistent demand are discount stores.

The buying splurge is being spearheaded by China’s state-owned agricultural traders, with the private sector largely sitting on the sidelines because the trade isn’t commercially viable.

The price of a barrel of Brent crude fell 0.1% to $88.84. U.S. gasoline prices edged 2 cents higher overnight to a national average of $4.04 per gallon, according to AAA.

The world faces a shortfall of 1.8 million barrels a day this quarter as “renewed hostilities and maritime disruptions” derail a production recovery in the Middle East, according to IEA.

Proficient Auto Logistics will buy Hansen & Adkins for $130 million in a deal that would make the combined entity the largest auto hauler in North America.