U.S. customs duty collections topped $100 billion for the first time in history as President Trump’s tariffs generated massive revenue for the country.
New budget data shows that tariff revenues as a share of federal revenue have more than doubled, and tariffs have created a surplus as opposed to a $71 billion deficit in June 2024 under Biden.
The Gateway Pundit recently reported that Treasury Secretary Scott Bessent announced during a cabinet meeting on Tuesday that the U.S. is on track to bring in over $100 billion in tariff revenue so far this year and potentially “well over” $300 billion by the end of the year.
WATCH: Scott Bessent Says America Already on Track to Take in OVER $100 BILLION in Tariff Revenue This Year – Estimates “Well Over” $300 BILLION by End of Year as CBO Estimates Over $2.8 TRILLION Over 10 Years
This new data comes as President Trump imposes new tariffs on a plethora of countries. As The Gateway Pundit reported, Trump slapped new 30% tariffs on Mexico and the European Union on Friday.
During a meeting with African leaders on Wednesday, President Trump told OANN correspondent Daniel Baldwin, “we’re taking in hundreds of billions of dollars, money that we’ve never seen before.”
WATCH:
Per Reuters:
U.S. customs duty collections surged again in June as President Donald Trump’s tariffs gained steam, topping $100 billion for the first time during a fiscal year and helping to produce a surprise $27 billion budget surplus for the month, the Treasury Department reported on Friday.
The budget data showed that tariffs are starting to build into a significant revenue contributor for the federal government, with customs duties in June hitting new records, quadrupling to $27.2 billion on a gross basis and $26.6 billion on a net basis after refunds.
For the first nine months of fiscal 2025, the customs take reached records of $113.3 billion on a gross basis and $108 billion on a net basis, nearly double the prior-year collections. The government’s fiscal year ends on Sept. 30.
Based on those results, tariffs have now grown into the fourth-largest revenue source for the federal government, behind individual withheld receipts at $2.683 trillion for the fiscal year, non-withheld individual receipts at $965 billion and corporate taxes at $392 billion.
Treasury Secretary Scott Bessent highlighted the budget surplus on Friday, calling it “another promise kept.”
He said on X, “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!”
Another promise made. Another promise kept.
Our nation is reaping the rewards from @POTUS’s America First agenda.
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… https://t.co/LN4HI66jJg
— Treasury Secretary Scott Bessent (@SecScottBessent) July 11, 2025
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