Tariffs bring a big windfall to the U.S.

By rahmat hidayat

Saturday, July 12, 2025

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Weekend Briefing

From Reuters Daily Briefing

By Robert MacMillan, Reuters.com Weekend Editor

Welcome to the last day of a big news week. Our latest edition of the World News podcast examines the tensions along Finland's 832-mile border with Russia. City Memo takes us to Karachi. Sports fans, take note of Ossian Shine's rundown of this weekend's action, from Wimbledon to Club World Cup.

Tariffs become a big US revenue contributor

REUTERS/Ken Cedeno

A first: U.S. customs-duty collections jumped in June, topping $100 billion for the first time in a fiscal year and producing a surprise $27 billion budget surplus for the month. The EU is awaiting a possible letter from President Trump outlining planned duties. Trump's threat of a 50% tariff on copper imports is creating fresh misery for automakers. He ramped up tariffs on Canada as well as Brazil.
Crypto man: A venture calling itself the Aqua1 Foundation said it bought $100 million in Trump's World Liberty Financial crypto business, but a review of public registries and other sources reveals almost nothing about the source of the money or the person named as its founding partner.

Texas flood questions swirl

Hill Country: Trump arrived to survey the damage from the deadly floods as questions surfaced over whether officials could have done more to warn people of the danger. Homeland Security Secretary Kristi Noem called for FEMA to be eliminated in its current form even as it deploys specialists and supplies to the flood zone.
Status: A California farmworker died from injuries sustained when immigration agents raided a cannabis operation, an advocacy group said. A federal judge kept birthright citizenship alive. The State Dept. is firing more than 1,350 workers. The Supreme Court cleared the way for the Trump administration to pursue mass government job cuts.

UN reports hundreds of deaths near Gaza aid hubs

Six weeks of carnage: The U.N. rights office said it recorded at least 798 killings at aid points run by the Gaza Humanitarian Foundation. A proposal bearing the group's name envisions the creation of "Humanitarian Transit Areas" inside and possibly outside Gaza to house the population. Israeli researchers detailed sexual-assault allegations against Hamas fighters during the Oct. 7, 2023 attacks. Gaza ceasefire talks are stalling over the extent of Israeli forces' withdrawal.
Russia and Ukraine: Trump said the U.S. will send more weapons to Ukraine via NATO and promised a "major statement" on Russia on Monday. Ukraine urged an investigation into Russia's alleged use of chemical weapons. Russia attacked western Ukraine cities with drones and missiles, killing two people in Chernivtsi on the Romanian border.

Drowning deaths spike during heatwave in France

Climate: More than 100 people died from drowning during the past month. Firefighters battled a wildfire threatening Marseille, fanned by the Mistral. Tibetan glacial-lake damage triggered a deadly flood in Nepal, a climate body said. Floods, landslides and heat hit China, a typhoon lashed Taiwan, and the warming climate and volcanos are raising the risk of ice falls on Chile's glaciers.
Responsibility: Leaders of the BRICS group of developing nations demanded that wealthy countries fund the mitigation of greenhouse-gas emissions in poorer countries. Far-right lawmakers will lead the European Parliament's work on a new climate target. They oppose EU policies to curb climate change.

Nvidia becomes most valuable company in history

AI high: The chipmaker's stock value ended Thursday's trading session above $4 trillion for the first time. OpenAI and Perplexity are taking on Google Chrome with AI web browsers. America's largest power grid is under strain because of data centers and AI chatbots. X removed posts on Grok after complaints that the bot produced content with antisemitic tropes and praise for Adolf Hitler. X's CEO Linda Yaccarino's departure adds to turbulence in Elon Musk's business empire.
Business roundup: Activist shareholders are ready to push harder for corporate changes. Starbucks' CEO earned a reputation on Wall Street for reviving wounded restaurant brands, but investors are unsure if Brian Niccol can do it again. Nestle's announcement that its chair would leave followed rising investor unease. Ferrero Rocher is buying WK Kellogg for $3.1 billion.

Before I forget…

An investigation into the Air India Dreamliner crash that killed 260 people last month showed that fuel switches flipped to cutoff mode seconds after takeoff. The report details the moments before the crash. Boeing settled with a Canadian man whose family died in the crash of an Ethiopian Airlines 737 MAX crash in 2019.
Mali plans to sell gold mined from Barrick's Loulo-Gounkoto complex after the government blocked exports, detained some of Barrick's executives and seized three tons of bullion.
Trump drew a bemused response from Liberians after he complimented their leader's command of English. His tariffs created a national disaster for Lesotho. Protests in Kenya are likely to unnerve the country's embattled president.
Pakistan confiscated 18 lions that were being kept as pets after one escaped and attacked a woman and two children.
Chinese police detained dozens of young women who write online gay erotica known as "boys' love."
Italy withdrew two new stamps depicting natural landmarks in South Tyrol because they did not contain inscriptions in German, the primary language in the region.

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