US revenue from customs duties this fiscal year has surpassed $100 billion for the first time, reflecting the impact of higher tariffs imposed by the Trump administration.
The Treasury Department recorded $27 billion in customs duties revenue for June, bringing the fiscal year-to-date total from levies to $113 billion, according to the agency’s monthly budget statement. Overall government revenue for the month rose by approximately 13% compared to the same period last year.
The US posted an overall surplus of $27 billion in June, in contrast to a $71 billion deficit in the same month the previous year. Over the first nine months of the fiscal year, the deficit stood at $1.34 trillion. Adjusted for calendar variations, the year-to-date deficit is 1% smaller than the previous year, an agency official told reporters.
President Donald Trump has implemented a broad range of new tariffs on various goods and trading partners, driving the increase in customs duties revenue. Through these tariffs, the president aims to revitalise domestic manufacturing and address longstanding trade imbalances.
Trump has also used tariffs as leverage in negotiations with multiple countries. However, it remains unclear how customs revenue will evolve, given temporary pauses and adjustments in tariff rates. Duties on Chinese imports have decreased from 145% following a framework agreement between the US and China, although they remain significantly elevated.
Simultaneously, Trump has threatened to impose higher tariffs on metals and additional trading partners. On Thursday, the president sent a letter to Canadian Prime Minister Mark Carney stating that certain Canadian goods would be subject to a 35% tariff, effective 1 August.
This comes after the announcement of 50% duties on Brazilian goods and 25% tariffs on Japanese imports. Trump indicated that his administration remains open to further negotiations. The unpredictable nature of US trade policy continues to cast uncertainty over long-term customs revenue projections.
Last week, Treasury Secretary Scott Bessent stated that the US could collect “well over” $300 billion in tariffs by year’s end.
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