In April, revenue generated from U.S. tariffs surged to an unprecedented level, reflecting the financial impacts of President Donald Trump’s trade initiatives.
The U.S. Treasury Department disclosed that customs duties reached $16.3 billion, marking an astonishing 86% increase compared to the $8.75 billion garnered in March. This figure is more than double the $7.1 billion collected during the same month last year, as reported on Monday.
This spike brought the total tariff revenue for the year to date to $63.3 billion, representing an increase of over 18% relative to the same timeframe in 2024. The 10% across-the-board tariffs on U.S. imports, enacted by Trump starting April 2, contributed significantly to this revenue surge, alongside existing duties that had been implemented earlier.
While the nation continues to face a substantial budget deficit, the rise in tariff income has aided in reducing the shortfall for April, a month traditionally characterized by Treasury surpluses due to the mid-month income tax filing deadline.
The surplus for April tallied up to $258.4 billion, reflecting a 23% increase from 2024. Consequently, the fiscal year-to-date deficit now stands at $1.05 trillion, 13% higher than the previous year.
Year-over-year comparisons reveal that April receipts advanced by 10% from 2024, while government spending decreased by 4%. Cumulatively for the year, revenues have risen by 5%, whereas expenditures have escalated by 9%.
However, high interest rates continue to exert pressure on the federal budget. In April, net interest payments on the national debt, which amounts to $36.2 trillion, totaled $89 billion—surpassing all expenditure categories except Social Security. Thus far in the fiscal year, net interest expenses have reached $579 billion, ranking as the second-highest outlay.
