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Hi there. From CNN, I'm Aaron Matthewson, with the five things you need to know for Thursday, August 7th.

As the Trump administration implements a new wave of tariffs on dozens of America's trading partners

and marks a major escalation in global trade policy, the U.S. government is expecting to collect

billions in tariff revenue. Just last month, the Treasury Department reported that the U.S. government collected nearly $30 billion in tariff revenue. Just last month, the Treasury Department reported that the U.S. government

collected nearly $30 billion in tariff revenue, which is a 242% jump compared to last July.

But what does the U.S. government plan to do with this money? I turned to CNN's Elizabeth

Buckwold for details.

Hey, Aaron, that's correct. And now Commerce Secretary

Howard Lutnik is saying with all these new tariffs that President Trump put in place today,

that $50 billion a month in tariff revenue could be coming in. Now, what's done with that

revenue is it goes to the Treasury's general account. Think of that as America's checkbook. It pays

bills like Social Security. That's the default setting, and there's a couple other things on the

table that the administration has floated, including tariff rebate checks.

I know that Wakers going through is awful, but we are so proud of it.

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