Sylvain Saurel’s Newsletter

Sylvain Saurel’s Newsletter

The $350 Billion Illusion: Why Record Tariffs Can't Plug America's Spending Black Hole.

The tariffs have given America a powerful new tool. But a tool is only as good as the hand that wields it.

Sylvain Saurel's avatar
Sylvain Saurel
Aug 16, 2025
∙ Paid
2
2
Share

In the annals of economic policy, some numbers are so staggering that they demand a pause. They redraw maps, rewrite forecasts, and force a fundamental reassessment of the landscape. July 2025 delivered one such number: $29.6 billion.

Image

This is the record-shattering revenue the United States collected from tariffs in a single month. It represents a jaw-dropping 300% surge from the previous month and signals a new, far more aggressive phase of President Donald Trump’s trade policy. At this blistering pace, the U.S. Treasury is on track to collect over $350 billion annually from import duties alone—an amount that would have been dismissed as pure fantasy just a year ago.


The $13 Billion Heist: How Tether Became Crypto's Shadow Central Bank.

Sylvain Saurel
·
Aug 14
The $13 Billion Heist: How Tether Became Crypto's Shadow Central Bank.

In the sprawling, chaotic world of digital assets, we are often mesmerized by the volatile dance of Bitcoin or the intricate promises of decentralized finance. Yet, the single most profitable enterprise in crypto history isn’t a flashy exchange or a revolutionary blockchain

Read full story

Keep reading with a 7-day free trial

Subscribe to Sylvain Saurel’s Newsletter to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Sylvain Saurel
Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture