President Trump’s tariffs are pouring billions more into US coffers in June, putting the revenue supplied by importers on pace for another monthly record.
The latest measure of government receipts for “Customs and Certain Excise Taxes” stood at more than $26.7 billion for the month of June, according to the Treasury Department’s latest daily statement dated June 24.
The monthly total is likely to rise only slightly in the coming days, with importers often depositing their tariff duties in a single day and this latest statement showing a massive daily deposit of more than $19.9 billion.
June’s total so far has already topped May’s total haul of about $22 billion — not to mention April and March totals of $17.4 and $9.6 billion, respectively.
It was a continuation of revenue spikes seen during Trump’s second term in office that are dwarfing counts from recent history as well as the amounts collected during Trump’s first term.
All told, more than $121 billion has flowed into government coffers since the start of this fiscal year.
Commerce Secretary Howard Lutnick touted the pace of deposits earlier this week in a social media post that criticized Federal Reserve Chair Jerome Powell.
“What he avoids discussing is the incredible revenue increase the US has received from these tariffs,” Lutnick said in his post, suggesting the US’s “current run rate” is for more than $30 billion per month.
June’s revenue totals mark the first month where tariff rates have largely remained unchanged after months of up-and-down duties early in Trump’s second term. In April, as an example, Trump’s 10% duties on nearly every country in the world began on the 5th of that month.
The new data also comes after the Congressional Budget Office (CBO) projected earlier this month that Trump’s tariffs could reduce primary deficits by $2.8 trillion over the coming decade — but with a significant assumption that current duties stay constant and in place even after Trump is scheduled to leave office.
In a Yahoo Finance Live interview on Thursday, Council of Economic Advisers Chair Stephen Miran suggested that results could be even higher than the CBO saying “our internal estimates are maybe a hair higher than that.”
The president is also threatening new tariffs in the weeks and months ahead — including what is being billed as “Liberation Day 2.0” on July 9 — even as Miran on Thursday echoed White House signals in recent weeks that the deadline there could be extended for at least some countries seen as negotiating in good faith.
The data released this week has yet to be finalized and could be slightly overstated, with the Treasury Department reporting both customs duties and certain excise taxes as a single category from the Department of Homeland Security.
Excise taxes are different from customs duties. More precise data for only customs duties is expected in a few weeks, but customs duties have historically made up nearly the entirety of that combined figure.
The June uptick in revenues, in any case, is on a pace of roughly $1 billion a day in revenue and that remains a tiny fraction of all monthly government spending.
In May — the most recent full month of data available — total government receipts totaled $371 billion.
In recent decades, tariff revenue has tended to constitute about 2% of federal revenue. The surge in recent months has changed that, with revenues now accounting for closer to 4-5% of that revenue.
Ben Werschkul is a Washington correspondent for Yahoo Finance.
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