Discussion of U.S. tariff revenues against the backdrop of rising budget deficits and the strengthening cryptocurrency market.
Trend in Tariff Revenues
Tariff revenues in the U.S. hit a record $30 billion in July, marking a 300% increase from previous months. At such rates, annual tariff revenue could reach $350 billion during Trump's presidency.
Impact on Cryptocurrencies
The increase in tariffs coincided with a budget deficit that reached $47 billion in the same month. Despite substantial tariff incomes, they are insufficient to reduce the deficit, supporting the rise of cryptocurrencies such as Bitcoin and gold.
Prospects and Consequences
Growing tariff revenues might soon become an important factor in U.S. economic policy. A potential trade deal with China could further elevate these revenues while budget deficit issues remain pressing.
The situation with tariffs and the budget signals potential changes in corporate tax policy and continued cryptocurrency growth. Economic resilience alongside rising customs revenues could play an important role in the future.
