• US projects a monthly tariff revenue increase to $50 billion, up from $30 billion.
• New tariffs on imports, particularly semiconductors and pharmaceuticals, have begun.
• Manufacturers may obtain exemptions from tariffs by committing to US production.
• Agreement to extend a tariff truce with China is anticipated.
• The push for domestic semiconductor manufacturing is bolstered by legislative support.

U.S. Commerce Secretary Howard Lutnick announced that the United States expects to collect at least $50 billion in monthly tariff revenues as new, higher levies on imports come into effect. This represents a significant increase from the $30 billion reported the previous month, indicating a robust shift in trade revenue expectations as various tariffs take shape, according to Reuters, Channel News Asia, and Al Jazeera.

The implementation of President Donald Trump's latest tariffs raised the average import duty to its highest in a century, imposing rates between 10% to 50% on numerous countries. Specific tariffs will be levied on imported semiconductor chips at nearly 100% unless companies commit to producing these chips within the United States. Additionally, there will be an initial tariff on pharmaceuticals that could escalate to 250% over time. These details are expected to be released following ongoing Commerce Department investigations into import impacts, according to Reuters, Channel News Asia, and Al Jazeera.

Commerce Secretary Lutnick also mentioned that companies might obtain exemptions from these tariffs by submitting plans to establish semiconductor manufacturing facilities in the U.S., which would require independent verification. Existing exemptions have already been negotiated with the European Union and Japan. Notably, the EU agreed to a 15% tariff rate on various exports, while Japan secured assurances regarding tariff parity with other countries. These moves are part of a larger initiative to strengthen domestic chip production, which has seen U.S. market share decline to just 12% from 40% over the past few decades, according to Reuters, Channel News Asia, and Al Jazeera.

Regarding ongoing discussions with China about extending a tariff truce set to expire on August 12, Lutnick expressed optimism, indicating that an agreement to prolong the truce for another 90 days was likely. He noted, "It feels likely that they're going to come to an agreement," which underscores the ongoing diplomatic efforts to manage trade relations with China, according to Reuters, Channel News Asia, and Al Jazeera.