The gains are largely driven by President Donald Trump’s tariff hikes, which pushed customs duty collections to record highs
The US government posted a surprise budget surplus in June, driven by a sharp increase in customs duties amid President Donald Trump’s tariff hikes, the Treasury said in a monthly report on Friday.
The report shows a surplus of just over $27 billion last month, following a deficit of over $300 billion in May. Much of the increase stems from Trump’s import tariffs introduced since April. Customs duties totaled around $27 billion, up from just $7 billion a year ago – a 301% rise. Since the fiscal year began in October 2024, total tariff collections have exceeded $113 billion, nearly doubling from 2024.
Commenting on the report, Treasury Secretary Scott Bessent said the country is “reaping the rewards” of Trump’s tariff campaign.
”As President Trump works hard to take back our nation’s economic sovereignty, today’s Monthly Treasury Statement is demonstrating record customs duties – and with no inflation!” Bessent wrote on X. Earlier this week, he claimed that customs duty collections could hit $300 billion by the end of the year.
Trump’s first round of tariffs on April 2 – which he called Liberation Day – included 10% tariffs on nearly all US trade partners and steeper rates on China, Mexico, Canada, and the EU. Some measures were delayed for trade talks, but since then, Trump has added tariffs on steel, copper, aluminum, and other key imports. He recently imposed a 25% tariff on goods from Japan and South Korea, with more reportedly planned if no deals are reached.
US trade partners have pushed back against Trump’s tariffs. India, which has been hit with a 50% tariff, has proposed retaliatory tariffs under WTO rules. China, which faces triple-digit tariffs, has called Trump’s moves unlawful, but has paused retaliatory measures amid ongoing talks. Both countries are members of BRICS, which Trump has accused of conducting “anti-American policies” and which he threatened with additional 10% tariffs earlier this month.
The EU has warned of lasting damage due to the tariffs. European Commission President Ursula von der Leyen said this week that the bloc’s relationship with the US “may never go back to what it used to be.”
Russia has not been hit with the tariffs due to the sweeping sanctions on the country that already exist, but Trump said this week he may support a bill that would impose 500% tariffs on countries that buy its goods and energy. The measure, proposed by Senator Lindsey Graham, aims to pressure Moscow to end the Ukraine conflict. Russian Deputy Foreign Minister Sergey Ryabkov dismissed the threat, saying the country will adapt and won’t be swayed from its “sovereign path.” Moscow has said it is ready to negotiate with Kiev, but insists that any peace settlement must reflect the battlefield realities and guarantee Ukrainian neutrality, demilitarization, and denazification.
