Bank of America Global Markets President Jim DeMare joins ‘Mornings with Maria’ to weigh in on the success of the global markets despite initial tariff uncertainty and President Donald Trump’s push for A.I. dominance in the U.S.
As President Donald Trump enters the final days before his global trade deadline, tariff revenues have climbed to a record $150 billion so far this year.
The U.S. collected nearly $28 billion in customs duties in July, the highest monthly total so far this year, according to the Treasury Department’s “Customs and Certain Excise Taxes” data. The July figures, based on data through July 25, have already surpassed June’s monthly record of $27 billion.
In January, tariff revenues hovered around $7.9 billion and more 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 final week of high-stakes trade negotiations. On Sunday, the president struck a deal with the European Union, America’s largest trading partner, just days after announcing a separate agreement with Japan.
President Donald Trump shakes hands with President of the European Commission Ursula von der Leyen as he announces a trade deal with the EU at Trump Turnberry golf club on July 27, 2025 in Turnberry, Scotland. (Brendan Smialowski/AFP via Getty Images) / Getty Images)
Treasury Secretary Scott Bessent has previously said the administration predicts tariffs may generate more than $300 billion in revenue for the federal government. As the Trump administration touts rising tariff revenue, it’s U.S. businesses that pay those higher import taxes to the federal government.
However, the economic burden could ultimately be passed on to American consumers through higher prices.
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