Aug. 01, 2025 7:30 AM ET1 CommentWall Street Breakfast5.74M FollowersListen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify.Getty ImagesCustoms currencyThe U.S. Treasury is set to see another big cash windfall after fresh tariffs were imposed on much of the globe following an August 1 deadline. Even countries that have reached new trade understandings with the United States have still had to agree to what was once considered steep tariff rates, like the 15% levies imposed on Japan and the European Union. Markets have taken a dip on this new reality, but stocks are still near record highs and have not yet displayed the panic seen in the aftermath of "Liberation Day" in April. Plans for Canada and pause for MexicoSnapshot: Tariffs are paid to the U.S. government by importers, who look to manage the duties in several ways. That includes raising retail prices, which has sparked fears of inflation, but can also be addressed via other methods like discounts, alternative sourcing, lower profit margins, or cutting company costs. The impacts of each have been ferociously debated, but the one thing that is clear is that tariffs are raising a tremendous amount of money for Uncle Sam.Besides filling U.S. coffers to pay down debt, Trump is seeking to utilize tariffs as a way to spark a manufacturing renaissance in which America once again becomes an industrial powerhouse. The question is whether much of that can come back to the U.S., and how long it would take. Seeking Alpha subscribers are as polarized as politics on this topic, with a clear 50-50 split on Trump's trade strategy (note that this was one of the biggest surveys by Wall Street Breakfast, with over 4,000 responses!).Show me the money: Last month, the U.S. Treasury posted a rare $27B June budget surplus for the first time in nearly a decade. It was helped by tariff-related revenues and customs duties, which Treasury Secretary Scott Bessent expects to "be well over $300B by the end of the year." However, the U.S. is still running a fiscal year-to-date deficit of $1.34T, meaning action will also have to be taken on the spending side of the equation in order to achieve a balanced budget.More Big TechFor the dessert at the end of a long earnings week... See why Apple (AAPL) logged its best revenue growth since 2021 and the outlook at Amazon (AMZN) amid big spending on the AI arms race.Here's the latest Seeking Alpha analysisMarket-Crushing Momentum: My Top 5 AI StocksPayPal: The Sell-Off Makes No SensePalantir Sets The Tone For Growth With New PartnershipsWhy You Should Buy The AI BubbleAMD Just Flipped The Script On AI: A 70% Price Hike That Could Change EverythingWhat else is happening...Keep an eye on the unemployment rate in July's jobs report.Microsoft (MSFT) next to join the $4T market cap club.Ray Dalio sells his remaining stake in Bridgewater.Figma (FIG) IPO: Shares more than triple in market debut.Trump issues ultimatum for Big Pharma to lower prices.UnitedHealth replaces CFO in latest leadership shakeup.Chevron (CVX) to deliver oil to Venezuela under new terms.Robust forecast from Reddit (RDDT) drives shares higher.Palantir (PLTR) in U.S. Army enterprise deal worth up to $10B.SEC's Atkins unveils 'Project Crypto' in big win for industry.What's the best way to monetize Fannie and Freddie?Today's MarketsIn Asia, Japan -0.7%. Hong Kong -1%. China -0.4%. India -0.7%.In Europe, at midday, London -0.6%. Paris -2.1%. Frankfurt -1.8%.Futures at 6:30, Dow -1%. S&P -1%. Nasdaq -1.1%. Crude -0.4% to $68.99. Gold -0.1% to $3,345.70. Bitcoin -3% to $114,851.Ten-year Treasury Yield +2 bps to 4.40%.On The CalendarCompanies reporting today include Chevron (CVX) and Moderna (MRNA).See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.This article was written byWall Street Breakfast5.74M FollowersWall Street Breakfast, Seeking Alpha's flagship daily business newsletter, is a one-page summary that gives you a rapid overview of the day's key financial news. It is designed for easy readability on the site or by email (including mobile devices) and is published before 7:30 AM ET every market day. Wall Street Breakfast's readership of more than 1 million subscribers includes many from the investment banking and fund management industries. Sign up here to receive the Wall Street Breakfast in your inbox every business day.Comment(1)Recommended For You