The U.S. government’s April budget surplus was $258 billion, up 23% from the same period last year to about $49 billion, reflecting strong tax revenues in the last month of the tax season and accumulating tax revenue from import tariffs, the U.S. government said on Monday. The Treasury Department reported that net customs duties totaled $16 billion in April, an increase of $9 billion from the annual deadline. The increase comes within a month, when President Donald Trump raised tariffs on Chinese goods by 145%, while imposing at least 10% on imports of goods from other countries. The budget results show that the US $500 million daily tariffs collected in April. Trump said last month that the collections were about $2 billion a day.
Net customs duties totaled $63 billion in the first seven months of the fiscal year, compared with $48 billion a year ago. However, new revenues may fall. Over the weekend, the United States and China reached an agreement to temporarily reduce each other’s steep tariffs, and the United States lowered its 145% tariff to 30% over the next 90 days, while China’s tariffs on U.S. imports will be reduced from 125% to 10% from 125% of 125%.
The U.S. Treasury Department reported that the first seven months of fiscal 2025 (from October 1) increased by 23% or a $194 billion budget deficit from the same period last year. Although the deficit itself is not, the annual fiscal revenue of $3.11 trillion and the spending of $4.159 trillion are both records, a Treasury official said.
Net customs duties totaled $63 billion in the first seven months of the fiscal year, compared with $48 billion a year ago. However, new revenues may fall. Over the weekend, the United States and China reached an agreement to temporarily reduce each other’s steep tariffs, and the United States lowered its 145% tariff to 30% over the next 90 days, while China’s tariffs on U.S. imports will be reduced from 125% to 10% from 125% of 125%.
The U.S. Treasury Department reported that the first seven months of fiscal 2025 (from October 1) increased by 23% or a $194 billion budget deficit from the same period last year. Although the deficit itself is not, the annual fiscal revenue of $3.11 trillion and the spending of $4.159 trillion are both records, a Treasury official said.
California added fiscal 2024 receipts, with a 4% increase in deficit after considering the calendar differences in overstating spending recorded in 2024 and $85 billion in deferred tax revenue.
