U.S. Treasury earnings from tariffs climbed 23.8% year over year in February despite lower imports due to a widening net of tariffs compared to last year. Yet, the $6.39 billion of duties gathered were the least since May while the average duty rate of 3.1% was the lowest since July. That partly reflects a slump in imports from China, which pays higher duty rates, as importers look for cheaper products. There’ll likely be a continued decline. U.S. import price deflation of 1.2% year over year in February included a 1.5% slip in prices for imports from China. Chinese exporters are sharing...