The past week has been a whirlwind of economic and political events. From record-breaking customs duty collections to billionaire investors casting doubt on tariff outcomes, the week was filled with intriguing stories. Here’s a quick recap of the top five stories that made headlines.
US Customs Duty Collection Hits Record High
The U.S. Treasury Department announced that for the first time in history, the country’s customs duty collections have exceeded $100 billion in a fiscal year. The record-breaking collection for June 2025 alone was $27 billion, resulting in a surprising budget surplus for the month. The surge is largely attributed to President Donald Trump’s tariffs, which have become a significant revenue source for the federal government.
Ray Dalio Questions Effectiveness of Trump’s Tariffs
Billionaire investor Ray Dalio expressed skepticism about the potential effectiveness of President Trump’s tariffs in reviving U.S. manufacturing. He warned that the tariffs could deepen “stagflation” and may not deliver on promises to rejuvenate U.S. factory floors.
Peter Schiff Warns Against Trump’s Tax Cuts
Economist Peter Schiff cautioned that President Trump’s latest tax and spending package could harm the U.S. economy more than it helps. He argued that the tax cuts, which add to budget deficits, won’t stimulate economic growth but will instead lead to higher long-term interest rates and inflation.
Trump Threatens Brazil with 50% Tariffs
Tensions escalated between the United States and Brazil after President Trump threatened to impose 50% tariffs on imports from the South American nation. The threat came in a letter to Brazilian President Luiz Inácio Lula da Silva, in which Trump also called the trial of former President Jair Bolsonaro a “Witch Hunt.”
Craig Shapiro Criticizes Jerome Powell’s Legacy
Macro strategist Craig Shapiro criticized Fed Chair Jerome Powell’s tenure, alleging that the Federal Reserve under Powell has deviated from its core mission of serving the public. Shapiro accused the Fed of ceasing to fight inflation, deepening inequality, and quietly surrendering monetary control back to the U.S. Treasury.
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This story was generated using Benzinga Neuro and edited by Rounak Jain
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