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Customs duties hit $30 billion last month, marking a 296% surge over August last year, the Treasury Department reported. At the same time, the monthly budget deficit came in at $345 billion.

U.S. tariff revenue reached a fresh monthly record in July, though the increase wasn’t enough to prevent a widening in the monthly budget deficit.

Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks.

The U.S. collected a record amount of revenue from tariffs in April, helping to limit a further widening of the budget deficit.

Treasury Secretary Scott Bessent said that the Trump administration is looking at multiple factors regarding China beyond just tariffs — including non-tariff barriers.

What now seems certain is that Trump — who sees tariffs as a way to rebuild American manufacturing and make other countries hew to his policy priorities — is preparing a major package.

The U.S. announced new sanctions on Iran’s oil and petrochemicals sectors in response to the country’s Oct. 1 ballistic-missile attack on Israel.

The U.S. needs to dominate the next generation of the technology, a bipartisan group of lawmakers said after meeting the chief executives of Ford Motor Co. and General Motors Co. in Detroit.

A $52 billion boost to the U.S. domestic semiconductor industry moved one step closer to reality July 26 when the Senate advanced legislation providing grants, incentives and tax breaks to the sector and set it up for final passage this week.

The chief executives of some of the largest U.S. chip manufacturing companies urged Congress to pass legislation that includes $52 billion in incentives for their industry, calling it “essential” to maintaining competitiveness with China and other countries.