U.S. Government Rakes in $100 Billion from Tariffs, Eyes $300 Billion by Year-End

Posted on July 9, 2025July 9, 2025 by Olumide Adesina

Treasury Secretary Scott Bessent revealed that the United States collected $100 billion in tariff revenue so far this year. As collections from President Donald Trump’s trade campaign accelerate, this amount could reach $300 billion by the end of 2025.

Bessent claimed that the significant revenue from Trump’s new tariffs had only begun in the second quarter, when he increased duties on steel, aluminum, and automobiles, and imposed a nearly universal 10 percent duty on US imports. According to Bessent, “So we could expect that could be well over $300 billion by the end of the year.”

A Treasury spokesperson noted that the $300 billion target aligns more with the calendar year ending December 31 than the fiscal year ending September 30. Achieving $300 billion in tariff collections this year would require steep and widespread tariff hikes from current levels, along with an exponential increase in collections in the months ahead.

According to the Congressional Budget Office, tariff revenue is expected to reach $2.08 trillion over ten years, “which we think is probably low,” Bessent added. In May, the Treasury reported record gross customs duties of $22.8 billion, nearly four times the $6.2 billion collected the previous year. This led to $86.1 billion in customs duty collections for the first eight months of fiscal 2025.

The total collected in the first five months of 2025 was $63.4 billion. On Friday, the Treasury is expected to release its June budget figures, likely another substantial increase in tariff collections.

The Daily Treasury Statement indicates that as of June 30, total customs and excise tax collections for the fiscal year-to-date exceeded $122 billion. Trump has set a new deadline of August 1 for implementing higher “reciprocal” tariff rates on nearly all trading partners. However, there remains time to negotiate deals with some countries over the next three weeks.

Crude Oil Sinks after Trump Unleash Tariffs

Posted on July 8, 2025 by Olumide Adesina

Oil prices fell as investors assessed the impact of President Donald Trump’s tariff increases on major trade partners. Ongoing concerns about oversupply from rising OPEC+ production added additional pressure to the market.

Brent crude futures for September delivery dropped by 0.7% to $69.11 per barrel, while West Texas Intermediate (WTI) crude futures also fell by 0.7% to $67.46 per barrel. Despite expectations of increased supply, both contracts gained 1% on Monday as traders gauged the overall tightness of the market.

President Trump intensified his global trade campaign by notifying 14 countries that significantly higher tariffs would take effect on August 1. This list included major U.S. suppliers (Japan and South Korea), as well as smaller exporters such as Serbia, Thailand, and Tunisia.

The tariff notices announced a 25% levy on all goods from Japan and South Korea, with some countries facing tariffs as high as 40%. Trump signed an executive order over the weekend to extend the original July 9 deadline to August 1, providing these countries with a final opportunity to negotiate. However, he indicated that while the deadline is “firm, but not 100% firm,” there is some flexibility for trade partners willing to engage.

The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, announced Saturday that it will increase oil output by 548,000 barrels per day in August.
This increase was larger than the 411,000 barrels per day hikes already implemented for May, June, and July.

The group also warned it will consider another 548,000 barrels per day increase in September at the meeting scheduled for August 3.

This decision continues the rollback of the voluntary 2.2 million barrels per day cuts that major producers like Saudi Arabia and Russia initiated earlier this year to support prices.
Oil prices dropped sharply early Monday but recovered later in the day after Saudi Arabia increased the official selling price of its flagship Arab Light crude for August. August.

Elon Musk: World’s Richest Man Forms a Political Party

Posted on July 6, 2025 by Olumide Adesina

Elon Musk announced the creation of the “America Party,” a new political organization he says will restore Americans’ freedom. On X, Musk wrote, “By a factor of 2 to 1, you want a new political party and you shall have it!” the day after he asked his followers in a poll if they were in favor of starting the “America Party.”

Elon Musk proposed that the new party concentrate “on just 2 or 3 Senate seats and 8 to 10 House districts.”

The world’s richest man stated on Friday that “that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people, given the razor-thin legislative margins.” Musk did not specify the party’s registration location. It didn’t seem to have a Federal Election Committee registration.

According to a response to a user on X, he also stated that “legislative discussions would be had with both parties” and that the party would caucus independently. With over $280 million donated during the 2024 presidential campaign, Musk was the largest donor, primarily supporting Donald Trump, although he also backed other Republican candidates

Musk’s choice to engage in competitive congressional races in 2026 could significantly influence a closely contested election.

The Tesla CEO resigned following a public spat with Trump. The two men, who had been close allies in the early days of the second Trump administration, saw a significant change in their relationship.

However, as the two men clashed on social media, their relationship soured, primarily because of Musk’s outspoken criticism of Trump’s policies.
Musk has openly suggested starting a new political party since he conflicted with Trump, especially in light of his ongoing vehement opposition to the president’s expansive domestic policy package, which was approved last week

TSLA: Tesla China shows Strength, Sold 61,000 EVs in June

Posted on July 3, 2025 by Olumide Adesina

Tesla China reported that June sales of electric vehicles increased by 3.7% compared to the same period last year. The US carmaker sold 61,000 EVs in China last month, a 59 percent increase from May.

However, CEO Elon Musk’s right-wing political views and an aging vehicle lineup have turned off some buyers, setting Tesla (TSLA) up for another year of declining sales after the company reported a second consecutive decrease in quarterly deliveries.

The automaker must now deliver more than a million vehicles in the usually strong second half to avoid another annual sales drop. However, due to tariff-driven economic uncertainty and the threat of phase-outs of key EV incentives under the Trump administration’s comprehensive tax bill, such as the $7,500 credit on new sales and leases, some analysts say this may be challenging.

Tesla’s electric vehicle sales have plummeted over the past three months as consumers continue to avoid the company due to boycotts linked to Elon Musk’s political beliefs.

The fact that global sales fell 13 percent more than a year ago indicates that Musk’s support for US President Donald Trump and far-right European politicians has hurt Tesla’s brand more severely, extensively, and permanently than some investors expected. According to Tesla’s figures released on Wednesday, the company’s quarterly earnings report, due later this month, could be disappointing as rival electric vehicle manufacturers capitalize on its vulnerabilities and steal market share.

Musk officially left the Trump administration as a cost-cutting czar, raising hopes that sales would rebound. Recent data contradicts Musk’s claim that the company is experiencing a “major rebound” in sales. Sales of the Models 3 and Y totaled 373,728—more than the 356,000 Wall Street analysts predicted. The news caused a 5% increase in Tesla’s stock price..

MSFT: Microsoft will Sack 9,000 People

Posted on July 3, 2025 by Olumide Adesina

Microsoft announced it would lay off roughly 9,000 workers. Less than 4% of its worldwide workforce, spanning teams, regions, and experience levels, will be affected by the change.

The announcement was made on the second day of Microsoft’s fiscal year 2026.

Typically, at the start of a new fiscal year, executives at the Redmond, Washington-based company announce reorganizations.

Microsoft stated in an email that it is “continuing to implement organizational changes necessary to best position the company and teams for success in a dynamic marketplace.”

This year, Microsoft has already conducted multiple rounds of layoffs.

It reduced headcount by less than 1% in January based on performance. Over 6,000 jobs were cut by the 50-year-old software company in May, and at least 300 more in June. As of June 2024, it had 228,000 employees. In 2024, it laid off 10,000 people.

Phil Spencer, CEO of Microsoft’s gaming division, sent a staff memo on Wednesday stating, “We will end or decrease work in certain areas of the business and follow Microsoft’s lead in removing layers of management to increase agility and effectiveness to position Gaming for enduring success and allow us to focus on strategic growth areas”

Microsoft reported nearly $26 billion in net income on $70 billion in revenue for the March quarter.

According to FactSet data, Microsoft remained one of the most profitable companies in the S&P 500, with numbers significantly higher than Wall Street’s consensus. Due to expected growth in Azure cloud services and corporate productivity software subscriptions, executives projected 14% revenue growth year-over-year in the June quarter.

APPL: Apple Loses Antitrust Case Filed by U.S Government

Posted on June 30, 2025 by Olumide Adesina

Apple lost its attempt on Monday to have an antitrust case filed by the US Justice Department and a group of state attorneys general dismissed, a win for the aggressive stance adopted during the Biden administration and continued by enforcers under President Donald Trump.

Apple could lose its very profitable mobile hardware business as a result of the lawsuit, which poses an existential threat.

It is alleged that the manufacturer of the iPhone broke antitrust laws by preventing competitors from using the hardware and software features of its well-known devices. Apple has allegedly obstructed innovations that would have facilitated phone switching by using its control over the distribution of apps and the features of the iPhone, according to the government.

According to US District Judge Julien Xavier Neals of New Jersey, in a 33-page ruling at this early stage of the case, “allegations of this nature, which indicate that Apple acts in a manner to protect its monopoly power in the smartphone and performance smartphone market, are sufficient.”.

He added that there is sufficient evidence to support the claims that Apple intends to control the smartphone market. Several alleged remarks made by Apple executives about the obstacles put in place to preserve its monopoly are included in the “complaint.”. In an emailed statement, an Apple representative stated,

“We will continue to vigorously fight this lawsuit in court because we believe it is wrong on the facts and the law.”. The decision sets the stage for years of legal action.

Although Neal’s has not yet scheduled a trial, antitrust cases, including appeals, can take years to conclude.

Alphabet got sued by the DOJ. Google over its search business in October 2020, and four years later, a judge found that the company had broken the law. Although Gail Slater, the Justice Department’s new antitrust chief, stated during her confirmation hearing that she intends to continue the strict enforcement of her precedent, largely, Apple may still attempt to settle the case with the Trump administration, which was filed in March 2024.

APPL: Apple Update App Policy avoiding €500 million Fine

Posted on June 26, 2025June 26, 2025 by Olumide Adesina

Apple stated that new guidelines will help the company avoid a €500 million fine from the EU for breaking the Digital Markets Act. The company announced changes to its App Store European policies on Thursday.

Some developers now pay three different fees for a single download under the new regulations, which create a complex system of fees and programs for app developers.

Additionally, APPL plans to implement new guidelines for all European app developers, a five percent “core technology commission” fee on all digital purchases made outside of the App Store. The company’s prior policy, which initially caught the European Commission’s attention, is not entirely altered by the changes Apple announced.

Apple claimed that although it did not want to make the changes, the European Commission’s rules threatened daily fines of up to €50 million.

Apple stated that it thought its strategy complied with the DMA and would not be subject to penalties.

According to a statement from an Apple representative, “Apple is being required by the European Commission to implement several additional changes to the App Store.. We intend to appeal because we don’t agree with this decision”.

A European Commission spokesman did not state that Apple was exempt from the fine. The EC is examining Apple’s new terms to determine whether the company complies, he said in a statement. Before choosing the next course of action, the spokesperson said in a statement, “The Commission believes it important to get the opinions of market operators and interested third parties as part of this assessment.”.

The saga in Brussels is the most recent instance of Apple vehemently defending its App Store policies, which are a major source of revenue for the iPhone manufacturer because of fees ranging from 15% to 30% on downloads made through the App Store. Apple is still claiming it should receive a commission when iPhone apps direct users to foreign websites for digital purchases.

TSLA: Tesla plans to build its first Chinese grid-scale Battery Storage Station

Posted on June 20, 2025June 20, 2025 by Olumide Adesina

Tesla (TSLA) will build its first grid-scale battery storage station in China, utilizing Megapack batteries in Shanghai. The agreement involved an investment of 4 billion yuan ($556.8 million) by the Shanghai local government and the carmaker, China Kangfu International Leasing, on Friday.

Production at Tesla’s mega factory in Shanghai, which manufactures its Megapack batteries, began in February.

Meanwhile, Tesla’s U.S. headquarters and its South Korean subsidiary are being sued by the family of a lawyer who lost his life in a 2020 Tesla Model X crash in Seoul, claiming that the car had defects and experienced abrupt unintended acceleration.

A civil complaint was filed with the Seoul Central District Court a day earlier, according to a press conference held Thursday by attorney Ha Jong-seon, who represented the victim’s family.

A Tesla Model X collided with the wall of an underground parking garage in Seoul’s Yongsan district on December 9, 2020, resulting in a fatal accident that is at the heart of the case. Attorney Yoon, a passenger in the car at the time, was killed in the collision and subsequent fire, while the vehicle was being driven by a chauffeur named Choi.

The family expressed significant concerns about the accident’s cause based on the telematics data retrieved from the vehicle. The information indicated the vehicle was driven for six seconds while the accelerator pedal was depressed at 100% displacement.

US dollar, Swiss franc, Japanese yen Rally after Missiles attack on Iran

Posted on June 13, 2025 by Olumide Adesina

The US dollar strengthened alongside the Swiss franc and the safe-haven Japanese yen after news emerged that Israel had attacked Iran. Israel has begun its assault on Iran without any help or involvement from the United States.

According to a different report, explosions were heard northeast of Tehran, the capital of Iran. The dollar index, which weighs the dollar’s strength against six other currencies, rose by 0.4 percent.

The U.S dollar declined 0.35 percent to 143 against the yen while the Swiss franc fell 0.4 percent to 0.807 against the greenback.

The dollar index dropped to multi-year lows early this week due to a lack of investor enthusiasm for the safe-haven currency. A trade truce with China and colder-than-expected inflation data intensified expectations that the Fed would cut interest rates more aggressively.

Iran had previously threatened retaliation for any assault. Israel Katz, the Israeli Defense Minister, stated in a declaration that Israel’s “preemptive strike against Iran” is the reason for proclaiming a special state of emergency.

Katz mentioned in his statement that Israel expects a counterstrike by drones and missiles. The assault coincided with growing concerns regarding diplomatic efforts to ease tensions stemming from Iran’s nuclear program.

President Donald Trump remarked this week that he is less optimistic about the likelihood of a deal, even though US and Iranian negotiators are meeting in Oman on Sunday for their sixth round of negotiations..

Elon Musk: President Trump cut ties with World’s Richest Man

Posted on June 8, 2025 by Olumide Adesina

President Donald Trump declared he no longer has a relationship with Elon Musk, his billionaire donor, and that there would be “serious consequences” if Musk funded the opposition.

Republicans who support the president’s comprehensive tax and spending plan are being challenged by Democrats.

Trump responded, “I would assume so, yeah,” when asked if he believed his relationship with the CEOs of SpaceX and Tesla was over.

When NBC asked Trump if he wanted to mend his relationship with Musk, he replied, “No.” Trump added, “I have no intention of speaking to him.”

However, Trump claimed he hadn’t considered terminating U.S. government agreements with SpaceX rocket launch companies or Musk’s Starlink satellite internet. This week, Musk and Trump began trading insults, with Musk calling Trump’s bill a “disgusting abomination.”

The world’s richest man removed several anti-Trump social media posts, including his support for the president’s impeachment. This seems to be an attempt to defuse their public dispute, which erupted yesterday. The Senate acquitted Trump twice despite the House, then controlled by Democrats, voting twice to impeach him during his first term in office.
According to those who have spoken with Musk, his anger has faded, and they assumed he would wish to mend his relationship with Trump.

According to Vance, Musk’s criticism of Trump was a “huge mistake.”I remain faithful to the president no matter what, and I hope Elon eventually makes a comeback.“

“Perhaps that is no longer feasible given how volatile he has become. However, I hope it is,” Vance said, calling Musk a “fantastic businessman.

Trump was scheduled to attend the Ultimate Fighting Championship in New Jersey. He has accompanied Musk to two UFC mixed martial arts fight cards. Musk is not expected to be present.