A major shift is underway in U.S. fiscal policy โ tariffs are surging.
๐ถ $22.3 billion collected in May โ an all-time monthly record
๐ถ Up from $16.5 billion in April
๐ถ Year-to-date total: ~$67.2 billion in tariff revenue
๐ถ Customs & excise taxes have more than doubled in just 2 months
๐ถ Tariffs now make up 4% of total federal revenue โ up from the 2% average of recent years
What This Means:
๐ถ The U.S. is leaning harder on trade-based revenue
๐ถ Inflationary pressure may rise as import costs increase
๐ถ Global trade flows are likely to shift in response
๐ถ Could impact everything from commodities to crypto sentiment
Tariff revenue is rising rapidly โ and this could reshape the global macro narrative heading into H2 20