Tuesday, 02 January 2024 12:17 GMT

US Records Unexpected Budget Surplus in June


(MENAFN) The United States government reported an unexpected budget surplus for June, largely fueled by a significant surge in customs duties following President Donald Trump’s implementation of increased tariffs, according to a monthly update from the Treasury released on Friday.

The report reveals a surplus exceeding USD27 billion last month, a dramatic turnaround from the deficit of over USD300 billion recorded in May.

Much of this boost is attributed to the import tariffs imposed by Trump since April. Customs duties reached approximately USD27 billion, a substantial increase from just USD7 billion during the same period last year — representing a 301 percent jump.

Since the start of the fiscal year in October 2024, total tariff revenues have surpassed USD113 billion, nearly doubling compared to 2024.

Reflecting on the data, Treasury Secretary Scott Bessent stated that the nation is “reaping the rewards” of Trump’s tariff initiatives.

“As President Trump works hard to take back our nation’s economic sovereignty, today’s Monthly Treasury Statement is demonstrating record customs duties – and with no inflation!”

Bessent posted on X. Earlier this week, he also projected that customs duty revenues could reach USD300 billion by year-end.

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