MAI Capital says tariff refunds widen US deficit, portfolio impact remains muted
Reuters2026/08/28 23:48- MAI Capital flagged tariff refunds as a one-time cash reversal for businesses, not a lasting improvement in underlying fundamentals.
- Refunds have exceeded new tariff collections since May, creating net government outflows for three straight months.
- June saw record refunds of USD 49.2 billion versus USD 23.6 billion collected; about 40% of refunds remain unprocessed.
- It linked refunds to a wider fiscal deterioration, citing an annual deficit near USD 1.8 trillion with debt above USD 40 trillion.
- It urged investors to avoid headline-driven moves, noting markets hit new highs despite trade and fiscal uncertainty.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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