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But we saved everything 🙂.
Charlie Bilello, chief market strategist at Creative Planning, reports that the U.S. collected a record $327 billion in customs duties over the last 12 months, more than triple the $94 billion collected in the previous comparable period.
Bilello explains that the majority of this additional tax burden is absorbed by U.S. consumers through higher prices.
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Bilello has recently reported on other major shifts in key markets. He noted that U.S. gas prices surged 53% in 10 weeks, reaching $4.56 per gallon, the highest since July 2022. In an earlier update, he observed that South Korean stocks tripled in 16 months, outpacing all other global markets.