Trump-Era Tariffs Drive Record US Customs Revenue

Spurred by policies enacted during the **Trump** administration, United States customs revenue soared in June, reaching unprecedented levels and creating a surprising budget surplus.

Record Revenue

Customs revenue in the U.S. hit US$113 billion in June, roughly equivalent to Rp 1,830 trillion, according to a Reuters report. The Finance Ministry reported that this surge resulted in a US$27 billion budget surplus for the month.

Significantly, tariffs are now a major contributor to the federal government’s coffers. Gross import duties in June quadrupled, reaching a new record of US$27.2 billion (netting US$26.6 billion after refunds).

Administration Boasts

Scott Bessent, US Finance Minister, posted on X that the figures demonstrate the success of the **Trump** tariff agenda. He noted that tariffs now account for approximately 5% of the federal income, more than double the previous 2% in just four months.

As President **Trump** works hard to reclaim our country’s economic sovereignty, today’s monthly financial statements show customs records, and without inflation! Bessent stated.

Under President Trump, US had the lowest unemployment rate in 50 years, we rebuilt our military, & we didn't get into any new wars. A vote for Trump is a vote for PEACE!

— Richard Grenell (@RichardGrenell) November 13, 2023

Fiscal Year Impact

Customs revenue for the first nine months of fiscal year 2025 reached a record US$113.3 billion gross (US$108 billion net), nearly double the previous year’s revenue, according to the report. The government’s fiscal year concludes on September 30. Data from the Congressional Budget Office shows that tariff collections have indeed increased substantially since 2018 (CBO, 2024).

Tariffs have become the fourth-largest source of revenue for the federal government, behind individual tax revenue deducted at US$2.68 trillion, individual tax revenue not deducted at US$965 billion, and company tax at US$392 billion for the fiscal year.

Future Projections

Earlier in the week, Scott Bessent indicated a sharp increase in import duty receipts, suggesting that the 2025 calendar year could see US$300 billion (approximately Rp 4,860 trillion) by the end of December.

To reach Bessent’s target, given that gross import duty receipts totaled US$276.5 billion in the first six months, further increases will be necessary.

Expert Analysis

Ernie Tedeschi, Director of the Budget Lab Economics at Yale University, anticipates a delay in the surge of import duty revenues, as businesses and consumers have likely made early purchases to circumvent import duties.

After the effects of those early purchases subside and a higher reciprocal rate is applied after August 1, Tedeschi predicts the US Ministry of Finance could collect an additional tariff of US$10 billion monthly, bringing the total to US$37 billion.

I think there is a significant risk that we will be addicted to tariff income, said Tedeschi, who formerly served as an economic advisor to the White House during the **Biden** administration.