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U.S. Tariff Revenue Hits Record $31 Billion Amid Widening Deficit
U.S. Tariff Revenue Hits Record $31 Billion Amid Widening Deficit
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BTCCSquare news:
U.S. net tariff revenue surged 330% year-over-year to $31.4 billion in October, marking a record high for the month and lifting Treasury receipts to $404 billion. Despite the influx, outlays reached $689 billion, widening the budget deficit to $284 billion—a 10% increase from last year's $257 billion shortfall.
Customs duties accounted for 7.75% of federal revenue, while individual income taxes remained the dominant source at 53.65%. A pending Supreme Court case could determine the legality of Trump-era tariffs, which former Treasury Secretary Scott Bessent estimated might generate $500 billion annually if upheld.
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