The U.S. budget deficit surged nearly 20% in July to $291 billion despite a significant increase in customs duty collections from President Donald Trump’s tariffs, as government spending outpaced revenue growth.
According to the Treasury Department, total receipts increased by 2% to $338 billion, while government outlays soared 10% to a record $630 billion for the month.
Adjusting for fewer business days in July compared to last year, receipts would have been about $20 billion higher. Customs duties alone rose sharply to approximately $27.7 billion from $7.1 billion the previous July, reflecting the impact of Trump’s tariff policies.
Although tariffs have boosted federal revenue, the additional costs often trickle down to consumers through higher prices.
Consumer price data revealed price hikes in tariff-sensitive items such as furniture, footwear, and auto parts, partially offset by falling gasoline prices.
For the first 10 months of the fiscal year, customs duties totalled $135.7 billion, up 116% from the previous year.
Meanwhile, the year-to-date budget deficit expanded by 7% to $1.629 trillion, with record-high receipts of $4.347 trillion and outlays of $5.975 trillion.
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The United States has announced plans to impose a phased-in tariff on select Nicaraguan goods beginning 1 January, according to a statement from the U.S. Trade Representative (USTR) on Wednesday (10 December).
U.S. President Donald Trump on Monday threatened to impose a 5% tariff on Mexico, accusing the country of violating a water-sharing treaty.
The United States will reduce import duties on South Korean automobiles to 15%, effective retroactively from 1 November, according to an announcement by U.S. Commerce Secretary Howard Lutnick on Tuesday.
The United States government announced Monday that it will exempt pharmaceuticals, pharmaceutical ingredients, and medical‑technology products originating from the United Kingdom from current and future U.S. tariffs as part of a newly negotiated trade agreement in principle.
Real Madrid have parted ways with coach Xabi Alonso, appointing former defender Álvaro Arbeloa as his replacement.
The U.S. has issued an urgent security notice calling all American citizens to leave Iran immediately, citing escalating protests, growing violence and widespread communication shutdowns across the country.
Iranian authorities have taken steps to disrupt access to Starlink satellite internet, according to users and digital-rights groups, in what appears to be the latest effort to tighten control over people’s access to the internet inside the country.
The United Nations’ top court at The Hague has begun hearings on whether Myanmar committed genocide against the Rohingya ethnic minority. Gambia told judges on Monday that Myanmar targeted minority Muslim Rohingya for destruction and made their lives a nightmare in a landmark case.
President Donald Trump said on Monday any country that does business with Iran will face a tariff rate of 25% on trade with the U.S., as Washington weighs a response to the situation in Iran which is seeing its biggest anti-government protests in years.
Boeing booked more aircraft orders than Airbus in 2025 for the first time since 2018, official figures showed, even as the European manufacturer delivered more planes during the year.
U.S. oil major Chevron and private equity firm Quantum Capital Group are reportedly preparing a joint bid to acquire Lukoil’s international assets, as the sanctioned Russian energy company seeks to divest its overseas operations.
The U.S. dollar's share of global reserves fell to nearly 40% at the end of 2025, according to the International Monetary Fund (IMF), which says it's 10% lower than at the start of 2024. However, gold has risen and overtaken the dollar to be above 50% in global reserves according to the IMF data.
The U.S. dollar has strengthened against major peers on Tuesday, while the euro fell following slower-than-expected inflation in Europe. Market movements were relatively subdued as investors focused on upcoming U.S. economic data.
Wall Street closed higher on Tuesday, boosted by optimism over artificial intelligence (AI) and a strong rally in Moderna shares, with the Dow Jones Industrial Average approaching a record high.
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