President Donald Trump’s sweeping new tariffs are raking in unprecedented sums for the federal government—so much, in fact, that a top budget watchdog says the revenue rivals the impact of creating a brand-new payroll tax or slashing the entire military budget by nearly one-fifth.

“Trillions of dollars are being taken in on tariffs,” Trump wrote on Truth Social, suggesting his levies have “not caused inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury’s coffers.”

At least for now, the U.S. stock market is on board with President Donald Trump’s increasingly aggressive use of executive power

A gauge of underlying inflation in July showed prices increasing at the fastest annual pace in five months, a sign that businesses are passing along tariff-related costs to customers.

Economists expect prices to have risen 2.8% in July compared to a year earlier, which would amount to a slight uptick from 2.7% year-over-year growth in the previous month. Still, the anticipated inflation rate would clock in below 3% recorded in January, the month Trump took office.

China trade war, preventing tariffs on China from leaping to at least 80%.

The executive order staves off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season.

The U.S and China have extended a tariff truce for another 90 days, staving off triple-digit duties on each other's goods.