The United States government posted a US$27 billion surplus in June due to tariffs giving an extra boost to sharp receipts.
This follows a steep US$316 billion deficit in May, bringing the financial year-to-date deficit to US$1.34 trillion, which is a 5% increase from last year.
This is the first time the U.S. government has posted a June surplus in 2017 during Donald Trump’s first term as president.
Budget data showed that tariffs were beginning to build significant revenue, with customs duties in June hitting new revenues quadrupling to US$27.2 billion on a gross basis and US$26.6 billion on a net basis after refunds.
On an annual basis, tariff collections have risen 86% from last year to US$113 billion.
The surplus has strengthened the Trump administration's faith in Trump’s tariff policies with U.S. Treasury Secretary Scott Bessent taking to X to say the country is “reaping the rewards”.
“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!” he posted.
Tariff-related revenue also helped boost total budget receipts by 13% last month to a record US$526 billion according to the Treasury.
The Treasury Department notes that the month benefited from calendar adjustments, without which the deficit would have been $70 billion.
The surplus comes not long after Trump’s ‘big beautiful’ bill made its way through Congress. The bill is expected to add US$3.4 trillion to the national debt over the next decade, according to projections from the Congressional Budget Office.
