US Tariff Revenue Hits Fresh Record, Helping Shrink May Deficit

US customs duties climbed to a record in May, helping shrink the budget deficit for the month, while doubts remain about the persistence of the inflows as the Trump administration negotiates with trading partners and faces a judicial challenge over its levies.

The Treasury Department recorded $23 billion in customs-duties revenue for May, according the agency’s monthly budget statement. This represents a $17 billion, or 270%, increase from the same month a year earlier. May’s figure is more than triple the monthly average of 2024.

The fiscal deficit was $316 billion for May, down 17% from the same ...