Customs Receipts Surge Amid U.S. Budget Adjustments
The U.S. budget deficit fell to $316 billion in May, a 9% decrease from the previous year, primarily due to record customs receipts fueled by new tariffs. Customs duties of $23 billion in May significantly contributed to a fiscal year-to-date increase of nearly 60%, reaching $86 billion.
- Country:
- United States
The U.S. government's budget deficit for May shrank by 9% to $316 billion compared to the previous year, as reported by the Treasury Department on Wednesday. This reduction is largely attributed to customs receipts reaching an unprecedented $23 billion, driven by President Donald Trump's import tariffs.
Customs duties experienced a substantial increase, with May's figures climbing from $6 billion the previous year to $23 billion, marking a fiscal year-to-date growth of nearly 60% to reach a total of $86 billion. These duties helped elevate total receipts for May to $371 billion, up from May 2024's $323 billion.
Despite these gains, outlays for the month rose to $687 billion. Interest on public debt, a major expenditure, fell 10% to $92 billion, a first since October, providing slight relief to the financial balance.
(With inputs from agencies.)
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