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Financial institution of America World Markets President Jim DeMare joins ‘Mornings with Maria’ to weigh in on the success of the worldwide markets regardless of preliminary tariff uncertainty and President Donald Trump’s push for A.I. dominance within the U.S.
As President Donald Trump enters the ultimate days earlier than his world commerce deadline, tariff revenues have climbed to a file $150 billion to this point this 12 months.
The U.S. collected almost $28 billion in customs duties in July, the best month-to-month complete to this point this 12 months, in accordance with the Treasury Division’s “Customs and Sure Excise Taxes” information. The July figures, based mostly on information by way of July 25, have already surpassed June’s month-to-month file of $27 billion.
In January, tariff revenues hovered round $7.9 billion and greater than doubled in April to $16.3 billion.
A COMPLETE TIMELINE OF TRUMP’S TARIFF IMPLEMENTATION STRATEGY ACROSS THE GLOBE
The revelation comes as Trump enters the ultimate week of high-stakes commerce negotiations. On Sunday, the president struck a take care of the European Union, America’s largest buying and selling companion, simply days after saying a separate settlement with Japan.
President Donald Trump shakes palms with President of the European Fee Ursula von der Leyen as he declares a commerce take care of the EU at Trump Turnberry golf membership on July 27, 2025 in Turnberry, Scotland. (Brendan Smialowski/AFP through Getty Photographs) / Getty Photographs)
Treasury Secretary Scott Bessent has beforehand mentioned the administration predicts tariffs could generate greater than $300 billion in income for the federal authorities. Because the Trump administration touts rising tariff income, it’s U.S. companies that pay these larger import taxes to the federal authorities.
Nevertheless, the financial burden may in the end be handed on to American shoppers by way of larger costs.
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