As the country continues to debate the merits of President Trump’s ‘Independence Day’ tariffs, a rare June budget surplus spurred by revenue from the tariffs will give their proponents a strong argument in favor of them.
After posting a massive $316 billion deficit in May, the Treasury reported a surplus of $27 billion last month as tariff revenue has continued to grow. The surplus is the first since Trump’s first term in office.
The Treasury reported a 301% gain in tariff related revenue compared to June of 2024, a massive increase caused by ‘Liberation Day’ tariffs that put a 10% duty on all imports coming into the United States.
Proponents of the tariffs were quick to take a victory lap on social media, with Senator Eric Schmit, R-Mo. saying that he is ‘not tired of winning’. (RELATED: Congressman Demands Accountability as Canadian Wildfires Endanger Wisconsin Residents)
“Thanks to President Trump’s America First trade policy, our revenues surged to a record $27.2 BILLION in June—producing a budget surplus for the month.
Not tired of winning.”
News of the reported budget surplus came on the heels of a trade deal struck between the United States and China in late June.
The trade deal, which Trump’s administration has touted as a major win for the United States, imposes a 30% tariff on Chinese imports while China will only impose a 10% duty on American goods. (RELATED: Immigration Raids Land Prominent Democratic Donor in Hot Water)
At this time, trade negotiations are still ongoing with numerous countries and economic unions, including the European Union, which Trump threatened with 30% tariffs if an August 1st deadline for a trade deal is not met.
