Weekly Market Recap – June 23, 2025

Recent tariffs are delivering on at least one promise — making the government richer. As the chart of the week shows, net federal tariff revenue reached $60 billion in the first five months of the year, nearly double the same period in 2024. Much of this windfall came in April and May, following sweeping tariff hikes: a baseline 10% on nearly all imports, plus higher rates on select sectors and countries. Yet the bigger economic question — one the Fed is closely watching — is who is ultimately paying these tariffs.