tariffs<\/a>, with outlays growing faster than receipts, the Treasury Department said on Tuesday.<\/p>\nThe\u00a0deficit\u00a0for July was up 19%, or $47 billion, from July 2024. Receipts for the month grew 2%, or $8 billion, to $338 billion, while outlays jumped 10%, or $56 billion, to $630 billion, a record high for the month.<\/p>\n
The month of July this year had fewer business days than last year, so the Treasury\u00a0Department said\u00a0that adjusting for the difference would have increased receipts by about $20 billion, resulting in a\u00a0deficit\u00a0of about $271 billion.<\/p>\n
Net customs receipts\u00a0in July grew to about $27.7\u00a0billion from about $7.1 billion in the year-earlier period due\u00a0to higher tariff rates imposed by Trump, a Treasury official said. These collections were largely in line with the\u00a0increase\u00a0in June customs receipts after steady growth since April.<\/p>\n
Trump has touted the billions of dollars flowing into U.S. coffers from his tariffs, but the duties are paid by companies importing the goods, with some costs often passed on to consumers in the form of higher prices.<\/p>\n
Consumer price index data on Tuesday\u00a0showed increases\u00a0in prices for some tariff-sensitive goods like furniture, footwear and auto parts, but they were offset by lower gasoline prices in the overall index.<\/p>\n
For the first 10 months of the fiscal year, customs duties totaled $135.7 billion, up $73 billion, or 116%, from the year-earlier period.<\/p>\n
The overall year-to-date budget results showed a\u00a0$1.629 trillion\u00a0deficit, up 7%, or $112 billion, from the same period a year earlier. Receipts were up 6%, or $262 billion, to $4.347 trillion, a record high for the 10-month period, while outlays grew 7%, or $374 billion, to $5.975 trillion, also a 10-month record.<\/p>\n","protected":false},"excerpt":{"rendered":"The statue of former Treasury Secretary Albert Gallatin stands in front of the north wing of the U.S.…\n","protected":false},"author":2,"featured_media":339633,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5311],"tags":[5466,3085,32,121084,285,3075,5465,49,978,659],"class_list":{"0":"post-339632","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-united-states","8":"tag-breaking-news-politics","9":"tag-business-news","10":"tag-donald-trump","11":"tag-government-budget-deficits","12":"tag-politics","13":"tag-tariff","14":"tag-u-s-economy","15":"tag-united-states","16":"tag-us","17":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115018287310283633","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/339632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=339632"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/339632\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/339633"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=339632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=339632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=339632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}