Latest news with #customsreceipts
Reuters
11-07-2025
- Business
- Reuters
Trump's tariff collections expected to grow in June US budget data
WASHINGTON, July 11 (Reuters) - The U.S. Treasury Department on Friday will reveal the strength of President Donald Trump's tariff revenues in its June budget data, as collections from multiple waves of new import duties start to build into a substantial government revenue source. The budget data, due at 2 p.m. EDT (1800 GMT), is expected to show that customs receipts topped $100 billion for the first nine months of the current fiscal year for the first time. In a preview of the results, the Congressional Budget Office forecast that gross customs receipts driven by tariffs rose by $50 billion in the first eight months of the fiscal year, which runs from October 1, 2024 to September 30, 2025. That forecast represents a nearly 90% increase from the $55.6 billion collected in the year-ago period and implies about a $20 billion increase in June customs duties, after record collections of $22.8 billion in May. "I think we'll see something in the neighborhood of $25 billion of customs duties for June," said Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget, a Washington-based fiscal watchdog group. The net take from tariffs would be lower because increased tariff revenues would imply lower payroll and income tax payments, he said. Treasury Secretary Scott Bessent earlier this week suggested a steeper ramp-up in tariff collections, telling a cabinet meeting that the U.S. had taken in about $100 billion in tariff income so far this year, with that figure possibly growing to $300 billion by the end of 2025. A Treasury spokesperson said Bessent was referring to the calendar year - essentially the period since Trump returned to office - and not the fiscal year. Reaching $100 billion in tariff revenue from January through June would imply a much bigger June tariff haul of about $37 billion, since 2025 calendar-year gross customs duties collections through June totaled $63.4 billion, according to Treasury data. Reaching $300 billion in tariff collections by December would imply an exponential increase in collections in the coming months and steep and broad tariff increases from current levels. Bessent added that the CBO has estimated tariff income will total about $2.8 trillion over 10 years, "which we think is probably low." Trump has set a new August 1 deadline for higher "reciprocal" tariff rates set to kick in on nearly all U.S. trading partners, with room for negotiations with some countries in the next three weeks for deals to lower them. Those duties will bring in "the big money," Trump said. Since those remarks on Tuesday, the U.S. president has put his tariff assault into overdrive, announcing 50% levies on copper imports and goods from Brazil and a 35% tariff on Canadian goods, all due to start on August 1. The Trump administration is preparing more sector-based tariffs on semiconductors and pharmaceuticals.
Reuters
11-06-2025
- Business
- Reuters
US monthly budget deficit falls to $316 billion as tariffs boost customs receipts
WASHINGTON, June 11 (Reuters) - The U.S. government posted a $316 billion budget deficit for May, down 9%, or $31 billion, from a year earlier, as customs receipts nearly quadrupled to a record $23 billion due to President Donald Trump's steep new import tariffs, the Treasury Department said on Wednesday. Gross customs receipts jumped last month from $6 billion in May 2024 as Trump's tariffs on goods from nearly all trading partners began showing up in significant volumes in port-of-entry collections, a Treasury official said. Fiscal year-to-date customs receipts were up nearly 60% to $86 billion. The customs duties helped push receipts for May up to $371 billion, which were up 15%, or $48 billion from May 2024. Outlays reached $687 billion, or $16 billion. Both the May 2025 and May 2024 budget results had calendar adjustments, largely for June benefits that were paid in May because the month of June in both years started on weekends. After adjusting for these shifts, the deficit in May would have been $219 billion, a 17% decline from the adjusted May deficit of $263 billion. Interest on the public debt, which has been steadily growing as one of the government's largest expense items, fell by $11 billion, or 10%, in May from a year earlier to $92 billion, the first decrease since October.
