US Treasury reports surprise surplus
The report shows a surplus of just over $27 billion last month, following a deficit of over $300 billion in May. Much of the increase stems from Trump's import tariffs introduced since April. Customs duties totaled around $27 billion, up from just $7 billion a year ago – a 301% rise. Since the fiscal year began in October 2024, total tariff collections have exceeded $113 billion, nearly doubling from 2024.
Commenting on the report, Treasury Secretary Scott Bessent said the country is 'reaping the rewards' of Trump's tariff campaign.
'As President Trump works hard to take back our nation's economic sovereignty, today's Monthly Treasury Statement is demonstrating record customs duties – and with no inflation!' Bessent wrote on X. Earlier this week, he claimed that customs duty collections could hit $300 billion by the end of the year.
Trump's first round of tariffs on April 2 – which he called Liberation Day – included 10% tariffs on nearly all US trade partners and steeper rates on China, Mexico, Canada, and the EU. Some measures were delayed for trade talks, but since then, Trump has added tariffs on steel, copper, aluminum, and other key imports. He recently imposed a 25% tariff on goods from Japan and South Korea, with more reportedly planned if no deals are reached.
US trade partners have pushed back against Trump's tariffs. India, which has been hit with a 50% tariff, has proposed retaliatory tariffs under WTO rules. China, which faces triple-digit tariffs, has called Trump's moves unlawful, but has paused retaliatory measures amid ongoing talks. Both countries are members of BRICS, which Trump has accused of conducting 'anti-American policies' and which he threatened with additional 10% tariffs earlier this month.
The EU has warned of lasting damage due to the tariffs. European Commission President Ursula von der Leyen said this week that the bloc's relationship with the US 'may never go back to what it used to be.'
Russia has not been hit with the tariffs due to the sweeping sanctions on the country that already exist, but Trump said this week he may support a bill that would impose 500% tariffs on countries that buy its goods and energy. The measure, proposed by Senator Lindsey Graham, aims to pressure Moscow to end the Ukraine conflict. Russian Deputy Foreign Minister Sergey Ryabkov dismissed the threat, saying the country will adapt and won't be swayed from its 'sovereign path.' Moscow has said it is ready to negotiate with Kiev, but insists that any peace settlement must reflect the battlefield realities and guarantee Ukrainian neutrality, demilitarization, and denazification.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Russia Today
an hour ago
- Russia Today
Trump confirms plans to send Patriot missiles to Ukraine
US President Donald Trump said he would send additional Patriot air defense systems to Ukraine, days after the Pentagon reversed its decision to halt some military aid. 'We will send them Patriots, which they desperately need, because Putin really surprised a lot of people. He talks nice and then bombs everybody in the evening. But there's a little bit of a problem there. I don't like it,' Trump told reporters at Joint Base Andrews outside of Washington on Sunday evening. He made his remarks after multiple US media outlets reported that he was considering approving a new military aid package, which would potentially include both defensive and offensive missiles. DETAILS TO FOLLOW
Russia Today
5 hours ago
- Russia Today
Trump to wield ‘sledgehammer' against Russia
The sanctions bill currently in the Senate would give US President Donald Trump a 'sledgehammer' to use against Russia and its trading partners, hawkish Senator Lindsey Graham has said. Trump previously said he may impose additional sanctions on Moscow if Russian-Ukrainian negotiations fail to produce a ceasefire. He also accused Russian President Vladimir Putin of stalling the talks. In an interview with CBS News aired on Sunday, Graham, who co-authored the legislation with Democrat Richard Blumenthal, said Trump had 'left the door open regarding Russia,' despite taking a hard line on other nations. 'That door is about to close,' he warned. 'Dick and I have got 85 co-sponsors in the United States Senate for congressional sanctions with a sledgehammer available to President Trump to go after Putin's economy, and all those countries who prop up the Putin war machine,' Graham said. The legislation would authorize Trump to impose up to 500% tariffs on nations that continue trading with Russia, with Graham singling out China, India, and Brazil. He emphasized that Trump would have 'maximum flexibility' in enforcing the measures. Graham also claimed the administration is preparing to ramp up arms deliveries to Kiev 'at a record level,' and signaled a forthcoming plan to redirect frozen Russian assets to support Ukraine. 'I expect, in the coming days, that there will be tariffs and sanctions available to President Trump he has never had before,' he said. Moscow has condemned the sanctions as illegal and argued that the West is using the Ukraine conflict to try to contain Russia's development. Deputy Foreign Minister Sergey Ryabkov said the proposed secondary tariffs 'will not radically change the situation,' and that Russia will continue on its 'independent, sovereign and sustained path.' Putin has argued the sanctions have backfired, making Russia more self-sufficient and less dependent on foreign markets.
Russia Today
13 hours ago
- Russia Today
EU delaying retaliation to US tariffs
Brussels will delay countermeasures against US tariffs until early August, European Commission President Ursula von der Leyen has announced. She stressed that the EU aims to negotiate a trade solution with its transatlantic partner. On Saturday, US President Donald Trump unveiled plans to impose additional 30% tariffs on goods from the EU and Mexico, as part of his broader effort to address trade imbalances with key partners. Scheduled to take effect on August 1, these tariffs would be applied on top of existing sector-specific duties, such as the blanket 25% on steel, aluminum, and car imports introduced earlier this year. On Sunday, von der Leyen confirmed that talks are ongoing with the White House following Washington's tariff announcement. 'We will therefore extend the suspension of our countermeasures until early August. At the same time, we will continue preparing further countermeasures to ensure we are always ready,' she said. The first package of EU countermeasures targeting approximately $25 billion worth of US steel and aluminum imports was suspended in April for 90 days to facilitate trade discussions. This suspension was set to expire on Monday. Von der Leyen has warned that the newly announced US tariffs will disrupt vital transatlantic supply chains, adversely affecting businesses and consumers on both sides of the Atlantic. The EU is among the US' largest trading partners. However, years of substantial imports from the bloc, especially of machinery, automobiles, pharmaceuticals, and luxury goods, have contributed to a significant trade gap. In 2024, the US trade deficit with the EU reached over $235 billion. Trump has accused the EU of unfair trade practices, attributing the trade imbalance to the bloc's complex regulatory framework. He has claimed the EU is maintaining 'trade barriers, VAT taxes, excessive corporate penalties, non-monetary trade restrictions, currency manipulation, and unjustified lawsuits against American companies.' Trump campaigned on an 'America First' agenda and cutting the US trade deficit. Since taking office, he has imposed tariffs on China, the EU, Canada, Mexico, and dozens of other trade partners, straining relations with key US allies.
