American importers paid the tariffs, businesses passed much of the cost along through higher prices, and American consumers shouldered the burden. They are left with the higher prices. Treasury issued $49.2 billion in tariff refunds in June while collecting $23.6 billion in gross customs duties. Cantor Fitzgerald, the firm Howard Lutnick led for nearly three decades before becoming Trump’s commerce secretary, explored buying importers’ rights to future tariff refunds at steep discounts. American Eagle disclosed that it sold rights to $68.9 million in tariff refunds to an unidentified buyer for just $18.6 million.