US customs duty revenue has exceeded $100 billion for the first time in a fiscal year, driven by higher tariffs introduced under the Trump administration.
According to the Treasury Department’s monthly budget statement, customs duties generated $27 billion in June alone, bringing the total for the fiscal year to $113 billion. Overall government revenue for the month increased by about 13% compared to the same period last year.
In June, the US recorded a budget surplus of $27 billion, contrasting sharply with the $71 billion deficit in the same month a year earlier. Over the first nine months of the fiscal year, the deficit reached $1.34 trillion, though, when adjusted for calendar variations, the shortfall is 1% lower than last year, a Treasury official noted.
The surge in customs revenue is largely attributed to tariffs imposed on a wide range of goods and trading partners as part of President Donald Trump’s efforts to boost domestic manufacturing and address trade imbalances. Tariffs have also been used as a bargaining tool in international trade negotiations.
While duties on Chinese imports have dropped from 145% following a recent US-China framework agreement, they remain elevated. At the same time, Trump has signaled further tariff actions, including a 35% duty on select Canadian goods starting August 1, following recent announcements of 50% tariffs on Brazilian products and 25% on Japanese imports.
Treasury Secretary Scott Bessent stated last week that customs duty collections could surpass “well over” $300 billion by the end of the year, although ongoing shifts in trade policy continue to create uncertainty about long-term revenue trends.
