The US Department of the Treasury reported a USD 258 billion budget surplus in April on 12 May 2025.
The surplus is up 23% (USD 49 billion) compared to the same period last year. The Treasury said the increased surplus was driven by strong tax receipts and record import duty collections.
According to the Treasury, customs duties reached USD 16 billion in April, a USD 9 billion increase from 2024. The increased customs duties followed President Donald Trump’s tariffs of up to 145% on Chinese goods and at least 10% on imports from other countries.
The US government collected over USD 500 million daily from tariffs in April. In the first seven months of the fiscal year, customs duties totalled USD 63 billion, up from USD 48 billion a year earlier.
The new revenue boost, however, is expected to be short-lived. Over the weekend, the US and China struck a deal to temporarily reduce their steep tariffs on each other. For the next 90 days, US tariffs on Chinese goods will drop from 145% to 30%, while China will lower its duties on US imports from 125% to 10%.
