US budget surplus increases in April - But annual deficit exceeds 1 trillion USD, 23% more than last year
The United States government recorded a budget surplus of $258 billion for April, up 23% or about $49 billion compared to a year earlier.
The Treasury Department reported that tariffs totaled $16 billion in April, up about $9 billion from the year-ago period and far surpassing the previous record of $9.6 billion set two years ago. The expansion came during a month in which President Donald Trump raised tariffs on Chinese goods by as much as 145% while imposing at least 10% tariffs on imports from other countries.
Budget results show the United States collected just over $500 million a day from tariffs in April. Last month, Trump said the government collected about $2 billion a day.
For the first seven months of the fiscal year, net customs duties totaled $63 billion, compared to $48 billion in the same period last year.
However, these revenues are expected to decline. The US and China reached a deal over the weekend to temporarily ease tariffs on each other, with Washington cutting duties from 145% to 30% for the next 90 days, while Chinese taxes on US imports will fall to 10% from 125%.
The Treasury reported a budget deficit of $1.049 trillion for the first seven months of fiscal year 2025, which began Oct. 1, up 23%, or $194 billion, from a year earlier. Fiscal year-to-date revenues of $3.110 trillion and spending of $4.159 trillion were both record figures for the year through April, although the deficit itself was not, a Treasury official said.
Spending on the Social Security pension program rose 9% to $945 billion during the fiscal year, while payments to cover interest on Treasury debt rose 10% from a year earlier to $684 billion.
The Treasury official said the weighted average interest rate for the month was 3.29%, 6 basis points higher than last year, but close to the level it has been over the past five months.
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