Since his return to the White House last January, President Donald Trump has implemented wide-ranging tariffs that affect virtually all of the United States’ trading partners.
He deficit was reduced by 15% in front of last quarter of 2024of $711 billion to $602 billion.
The Total revenue increased 13% to 1.2 billion dollars, while the Spending rose 2% to $1.8 trillion.
Both receipts and disbursements were records, a senior Treasury official told reporters.
By category, the amount collected from some taxes on individuals increased notably, while the amount received from customs duties shot up from 23 billion dollars to 94 billion dollars.
The jump in customs duty collection was mainly due to higher tariffs, the official said.
