U.S. tariff revenue surges 130% to $16 billion in April

Odaily Planet Daily News: According to data from the U.S. Treasury Department, tariff revenue reached $16 billion in April, a surge of $9 billion, or 130%, from the same period last year. According to data compiled by Bloomberg, this set a record for the highest tariff revenue in a single month in at least a decade. The surge in tariff revenue will help curb the further expansion of the U.S. budget deficit. However, U.S. President Trump is seeking to reach trade agreements with specific countries, and tariff revenue may decrease in the future. In the first seven months of this fiscal year, the U.S. federal government recorded a deficit of $1.05 trillion, which was 13% higher than the same period last year after adjusting for calendar year differences. Treasury officials said that if the deferred tax factors that boosted revenue in fiscal 2024 are excluded, the actual increase in the deficit in fiscal 2025 will be 4%. In addition to tariffs, another revenue category that has achieved growth this fiscal year is consumption taxes, which have increased by $10 billion in the past seven months. Treasury officials said this was mainly due to the newly levied stock buyback tax.