Overview

• Customs duties and excise taxes have generated $152 billion through July, doubling last year’s intake and producing a $27 billion budget surplus in June.
• Analysts at the Yale Budget Lab and elsewhere say American businesses and consumers are bearing most of the higher import costs imposed by the tariffs.
• Federal Reserve Chair Jerome Powell noted that tariffs are beginning to appear in consumer prices but said their overall effect on inflation remains unclear.
• Sen. Josh Hawley’s proposal would deliver $600 per eligible adult and dependent child with income phase-outs and noncitizen exclusions, yet its legislative prospects are uncertain.
• Additional import taxes on dozens of trading partners are set to take effect on August 7, a move expected to further boost federal revenue.