U.S. Budget Surplus Soars Amid Tariff Revenues
The U.S. government saw a significant increase in its budget surplus for April, totaling $258 billion, driven by robust tax receipts and rising import duties. The spike in customs revenue was fueled by high tariffs on Chinese goods. Despite the surplus, the year-to-date deficit rose due to increased spending.
The United States government reported a substantial $258 billion budget surplus for April, marking a 23% increase from the same month last year. This rise is largely fueled by strong tax revenues and an uptick in collections from import duties amidst heightened tariffs, the Treasury Department announced on Monday.
April's customs duties brought in $16 billion, an increase occasioned by President Donald Trump's elevated tariffs on Chinese imports, reaching as high as 145%, and 10% levies on imports from other countries. Figures reveal the U.S. collected over $500 million daily from these tariffs, contrary to Trump's previous statements of $2 billion per day.
Nevertheless, the U.S. reported a $1.049 trillion deficit for the first seven months of fiscal 2025, underscoring a 23% annual rise. Although the fiscal year saw record receipts and spending, the Treasury noted an adjusted deficit increase of 4% considering deferred tax receipts and calendar anomalies.
(With inputs from agencies.)
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