Overview

• The Treasury Department reported a $27 billion budget surplus in June, reversing a $316 billion deficit in May and defying a $50 billion shortfall forecast.
• Customs duties jumped 301 percent year-over-year to $27 billion, reflecting the impact of April’s 10 percent universal tariff and newly imposed reciprocal duties.
• Tariff revenues totaled a record $113.3 billion over the first nine months of fiscal 2025, accounting for roughly 5 percent of total federal receipts.
• Treasury Secretary Scott Bessent said tariff receipts could reach $300 billion in calendar year 2025, underscoring tariffs as a growing revenue lever.
• The fiscal-year-to-date deficit stands at $1.34 trillion—down 1 percent after calendar adjustments—and net interest payments reached $84 billion in June.