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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Bangladesh’s interim leader, Muhammad Yunus, said the country will expand imports from the U.S. to further reduce tariffs on Bangladeshi goods, particularly textiles.
Finance ministers from the Group of Seven discussed new sanctions on Russia and tariffs on countries buying its oil, as the U.S. urged allies to ramp up economic pressure.
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A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
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Germany's parliament approved on Thursday the nation's first annual budget since sweeping reforms to loosen fiscal rules were passed earlier this year, securing record investments to revive the economy while committing to an increase in defence spending.
European shares nudged up on Thursday after the U.S. Federal Reserve lowered borrowing costs for the first time since December, while shares of SIG plummeted after the Swiss-based company issued a profit warning.
Meta Platforms on Wednesday launched its first consumer-ready smart glasses with a built-in display, seeking to extend the momentum of its Ray-Ban line, one of the early consumer hits of the artificial intelligence (AI) era.
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