US deficit reaches USD 291 billion - Spending exceeds revenue in July, despite tariffs
The U.S. government budget deficit widened by about 20% in July to $291 billion, even as revenue rose by nearly $21 billion, thanks to the Trump administration's tariffs. That comes as spending outpaced revenue, the Treasury Department said.
The deficit for July was 19% higher, or $47 billion more, compared to the same month in 2024. Monthly revenues rose 2%, reaching $338 billion, while costs increased 10%, going to $630 billion, the highest figure ever for July.
This year, the last month had fewer working days than in 2024, so the Treasury explained that adjusting for this difference would have increased revenues by $20 billion, while the deficit would have been about $271 billion.
Net tariff revenue in July reached about $27.7 billion, up from $7.1 billion a year earlier, driven by higher tariffs imposed by Trump, a Treasury official said. The revenue was in line with the increase in June, following an upward trend since April.
Trump has boasted about the billions of dollars flowing into US coffers from his tariffs, but these taxes are paid by the companies that import the goods, and part of the cost is usually passed on to consumers in the form of higher prices.
Data from the consumer price index showed price increases for some goods such as furniture, footwear and car parts, but this was offset by lower gasoline prices in the overall index. For the first 10 months of the fiscal year, customs tariff revenue came in at $135.7 billion, an increase of $73 billion, or 116%, compared to the same period last year.
US Treasury Secretary Scott Bessent said expanding tariff revenue would make it difficult for the Supreme Court to strike down import taxes if they face a legal challenge.
In total, for the January-October period, the deficit reached $1.629 trillion, 7% more compared to the same period a year earlier.
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