The US budget deficit exceeds one trillion dollars despite the jump in customs revenues
Show Tariffs are helping to narrow the gap, with tariff revenues reaching $151 billion during the first five months of the fiscal year, an increase of nearly $113 billion, or 294%, over last year. The Supreme Court’s recent decision to strike down several tariffs imposed by President Donald Trump has not shown up in the data yet. Economists say this may reflect the continued processing of previously collected tariffs, the possibility of increased imports before the decision is issued, and ongoing questions about whether and to what extent the United States will have to refund tariffs already collected. Furthermore, Trump has imposed additional tariffs since the decision was issued, which may contribute to increased customs revenues. Corporate tax revenues also fell sharply, by $27 billion, or 17%, compared to the previous year. So far this fiscal year, customs duty revenues have exceeded corporate tax revenues, an unusual shift. The net interest payments were Domestic debt, which is nearly $39 trillion, reached $79 billion in February, higher than any other category except Social Security, income security that includes programs such as unemployment insurance, housing assistance, food aid and health care.
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