US Customs Duties Top $ 100BN for the first time in a financial year. world News

The Treasury Department said on Friday that the US customs collection increased again as President Donald Trump’s tariff took a lead of $ 100 billion for $ 100 billion for the first time, and helped produce a budget surplus of $ 27 billion for the month.Budget data showed that tariffs are starting to build as an important revenue contributor for the federal government, hitting new records with customs in June, $ 27.2 billion on a gross basis and $ 26.6 billion on a net basis after refund.Budget results are likely to strengthen Trump’s tariff approach as an attractive revenue source and as a hammer to implement non-business foreign policy. He said on Tuesday that “big money” will start flowing after putting high “mutual” tariffs on US trading partners on 1 August.US Treasury Secretary Scott Besant said on X that the results show the US “receiving the award” from Trump’s tariff agenda. “As President Trump works hard to withdraw our country’s economic sovereignty, today’s monthly trageding statement is performing record customs duties – and there is no inflation!” Bessent said.For the first nine months of FY 2025, the customs reached a record of $ 113.3 billion on a gross basis and a record of $ 108 billion on a net basis, doubling the collection of almost pre-year. The government’s financial year ends on 30 September.In the space of about four months, the tariff as part of the federal revenue historically has doubled from about 2% to about 5%.Treasury said that the June budget surplus represented a change in June 2024 with a deficit of $ 71 billion. The new tariff-related revenue last month helped increase the total budget receipts by 13%, or $ 60 billion, $ 526 billion, a record for that month, the Treasury said. In June, the outla was 7%, or $ 38 billion, $ 499 billion.Treasury stated that the overall year-on-year deficit, 5%, or $ 64 billion to $ 1.337 trillion, as health care programs, social security retirement benefits, defense spending, loan interest and outlines for the Department of Homeland said.Roots