The U.S. government ran a $27 billion budget surplus in June, fueled in part by record tariff revenue, according to new data released Friday by the Department of the Treasury.
The surplus was driven by $27.2 billion in customs receipts in June, representing one of the highest monthly tariff revenues of the past decade, according to Treasury data. Tariff receipts have grown over the past several months as President Donald Trump has imposed higher tariffs on other countries to address what he views as unfair trade practices by global trading partners.
In addition to increased revenue, government spending declined by 27% in June, dropping $187 billion from May to $499 billion, according to the new Treasury data. The $27 billion budget surplus in June marks a sharp turnaround from the $316 billion deficit recorded in May. (RELATED: Trump Locks In China Trade Deal, Keeps Pressure On Beijing)
WASHINGTON, DC – MAY 29: U.S. Secretary of the Treasury Scott Bessent gives remarks during a roundtable meeting at the U.S. Treasury Department on May 29, 2025 in Washington, DC. (Photo by Anna Moneymaker/Getty Images)
Year-over-year, tariff collections have totaled $113 billion, or 86% more than a year ago, according to CNBC.
In April, Trump unveiled sweeping “Liberation Day” tariffs on nearly every other country in the world, but later announced a 90-day pause, which reduced most of them to a 10% baseline rate. The Trump administration has also levied new tariffs on steel, aluminum and cars and plans to roll out additional duties on copper in the coming weeks.
During a White House cabinet meeting on Tuesday, Treasury Secretary Scott Bessent projected that tariff revenue could climb to $300 billion by the end of 2025.
Trump has long promoted tariffs as a tool to rebalance trade and raise revenue, even suggesting at one point on the campaign trail that tariff revenue could replace the income tax. His administration has said that more tariff increases are on the horizon for countries that fail to finalize trade agreements with the U.S. by Aug. 1.
So far, the U.K., Vietnam, and China are the only countries that have secured deals with the Trump administration.
Meanwhile, the president has sent letters to leaders of numerous countries in recent weeks outlining the rates they will be subject to starting Aug. 1, if no deal is finalized. Among major trading partners, Trump has threatened to impose a 50% tariff on South Korea and Japan, and a 35% rate on Canada.
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