US customs duties top $100 billion for first time in a fiscal year

Reuters ^ | July 11, 20255:47 PM CDT | David Lawder

[E. Pluribus Unum]

Summary

• US Treasury reports small budget surplus for June
• Gross customs duties reach $27 billion in June
• Bessent says US 'reaping the rewards' of Trump's tariff agenda
• Treasury chief says US tariff revenue could reach $300 billion in 2025

WASHINGTON, July 11 (Reuters) - U.S. customs duty collections surged again in June as President Donald Trump's tariffs gained steam, topping $100 billion for the first time during a fiscal year and helping to produce a surprise $27 billion budget surplus for the month, the Treasury Department reported on Friday.

The budget data showed that tariffs are starting to build into a significant revenue contributor for the federal government, with customs duties in June hitting new records, quadrupling to $27.2 billion on a gross basis and $26.6 billion on a net basis after refunds.

Adjusting for calendar shifts of some revenues and benefit payments, the Treasury said that June would have shown a budget deficit of $70 billion.

The data shows that tariff revenues are starting to build into a significant revenue contributor, with customs duties increasing fourfold to $27.2 billion on a gross basis and $26.6 billion on a net basis in June after refunds.

Customs receipts for the first nine months of the fiscal year also topped $100 billion for the first time on an annual basis, reaching a record $113.3 billion on a gross basis and $108 billion on a net basis. The 2025 fiscal year runs from October 1, 2024 to September 30, 2025. The overall year-to-date deficit, however, increased 5%, or $64 billion, to $1.337 trillion, as outlays for health care programs, Social Security, defense spending and interest on the national debt all increased, the Treasury said.

Receipts for the first nine months of the fiscal year rose 7%, or $254 billion, to a record...

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TOPICS: Foreign Affairs
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[Socon-Econ]

The duties are a tax — paid by American consumers, retailers, or producers

[ArcadeQuarters]

A tax you can opt out of.

[central_va]

Who pays corporate income taxes?

[cowboyusa]

Someone tell Randfand, and Rand Paul.

[Lod881019]

Doesn’t seem to be hurting prices

[ckilmer]

that’s a great slogan that’s said repeatedly

that’s not the way its working out.