Overview

• Federal tariff collections reached $64 billion in the second quarter, up $47 billion year-over-year and making duties the fourth-largest source of federal revenue.
• Goldman Sachs posted $4.3 billion in trading revenue, beating expectations, as JPMorgan Chase, Citigroup and Morgan Stanley also recorded record profits from tariff-driven volatility.
• The 90-day tariff pause concluded earlier this month, reinstating elevated duties on key imports including steel, aluminum and autos.
• European officials have postponed counter-tariffs to the August 1 deadline while negotiations continue with the United States.
• Traders are deploying the “Trump Always Chickens Out” strategy to capitalize on anticipated tariff pauses and policy reversals.