Treasury posts unexpected surplus in June as tariff receipts surge!
Key Points
With government red ink swelling throughout the year, June saw a surplus of just over $27 billion, following a $316 billion deficit in May.
Customs duties totaled about $27 billion for the month, up from $23 billion in May and a 301% gain from June 2024.
The U.S. government posted a surplus in June as tariffs gave an extra bump to a sharp increase in receipts, the Treasury Department said Friday.
With government red ink swelling throughout the year, last month saw a surplus of just over $27 billion, following a $316 billion deficit in May.
That brought the fiscal year-to-date deficit to $1.34 trillion, up 5% from a year ago. However, with calendar adjustment, the deficit actually edged lower by 1%. There are three months left in the current fiscal year, which ends Sept. 30.
A 13% increase in receipts from the same month a year ago helped bridge the gap, with outlays down 7%. For the year, receipts are up 7% while spending has risen 6%.
The government last posted a June surplus in 2017, during President Donald Trump’s first term.
Increasing tariff collections are helping shore up the government finances.
Customs duties totaled about $27 billion for the month, up from $23 billion in May and 301% higher than June 2024. On an annual basis, tariff collections have totaled $113 billion, or 86% more than a year ago.
Trump levied across-the-board 10% tariffs on imports in April on top of other select duties. He also announced a menu of so-called reciprocal tariffs on various U.S. trading partners and has been in negotiations since.
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