The U.S. unexpectedly recorded a $27 billion budget surplus in June, reversing last year’s deficit. This improvement reflects stronger customs collections and significant cuts in education spending amid ongoing fiscal challenges.
The U.S. federal government posted a $27 billion budget surplus in June, the Treasury Department reported, thanks largely to a surge in customs revenues and reduced education expenditures.
For the first nine months of fiscal year 2025, running from October 2024 to June 2025, government revenues rose 13% to $526 billion, while expenditures dropped 7% to $499 billion. This contrasts with market expectations of a $41.5 billion deficit and a $71 billion deficit in June last year.
Customs duty revenues, aligned with President Donald Trump’s tariff policies, jumped 301% year-on-year in June, reaching $27 billion and surpassing $100 billion for the fiscal year to date at $113 billion.
Education spending fell by 91% in June compared to the same month last year.
Despite the June surplus, the overall fiscal deficit for the first nine months grew by 5% to $1.34 trillion, compared to $1.3 trillion last year. Revenues for this period increased 7% to $4 trillion, while expenditures rose 6% to $5.35 trillion.
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Amid fragile calm, António Guterres urged constructive U.S.- Iran talks, while Pope Leo XIV warned violence is spreading. Lebanon's President said an Israeli strike killed 13 security personnel in Nabatieh.
Iran’s Supreme Leader Ayatollah Seyed Mojtaba Khamenei has declared a “decisive victory” over the U.S. and Israel, signalling a “new phase” in Tehran’s control of the strategic Strait of Hormuz.
Uzbekistan is advancing plans to reduce the state’s role in the economy while introducing a VAT refund system for foreign visitors, as part of broader efforts to attract investment and boost tourism.
The European Union and Washington are nearing an agreement to coordinate the production and security of critical minerals, Bloomberg News reported on Friday (10 April).
Israeli Prime Minister Benjamin Netanyahu says he has given an instruction for Israel to begin peace talks with Lebanon that would also include the disarming of Hezbollah.
Afghanistan and Pakistan have agreed to continue dialogue and avoid steps that could worsen tensions after China-hosted talks in Urumqi, with Kabul and Beijing saying the meetings focused on easing differences and improving relations.
Amid fragile calm, António Guterres urged constructive U.S.- Iran talks, while Pope Leo XIV warned violence is spreading. Lebanon's President said an Israeli strike killed 13 security personnel in Nabatieh.
Memorial events were held in Tehran’s main squares on Wednesday (8 April) to mark the 40th day since the killing of former Supreme Leader Ayatollah Ali Khamenei, who died during U.S.-Israeli attacks on 28 February.
North Korea has tested a new cluster-bomb warhead mounted on a tactical ballistic missile, alongside advanced electromagnetic and infrastructure-targeting weapons, in a significant escalation of its military capabilities.
A charity co-founded by Prince Harry in honour of his late mother, Princess Diana, is suing him for libel at the High Court in London, according to a court record published on Friday (10 April).
The European Union and Washington are nearing an agreement to coordinate the production and security of critical minerals, Bloomberg News reported on Friday (10 April).
In a forceful rebuke to Washington’s foreign policy in the Americas, a senior Russian diplomat has declared that Moscow will never abandon Cuba, pledging ongoing support to help the Communist-run island overcome a severe energy crisis linked to the United States embargo.
Hungary votes on Sunday in a parliamentary election that could loosen Viktor Orbán’s 16-year hold on power. His ruling Fidesz faces a strong challenge from Péter Magyar’s Tisza party, which has led some polls, though many voters remain undecided.
While a fragile ceasefire in the Iran war may deliver badly needed relief to economies battered by the world’s worst-ever energy crisis, hopes it will quickly restore normal oil and gas flows from the Middle East are almost certainly misplaced.
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