Customs and tariff revenue under Trump has totaled more than $150 billion so far this year. The Treasury Department reported a June surplus of $27 billion, the first June surplus in nearly a decade.
“Tariff revenues reached $28 billion in June alone—more than four times last year’s total,” said Treasury officials.
https://www.cfr.org/article/what-trump-trade-policy-has-achieved-liberation-day
A Washington Examiner analysis noted “Trump tariffs and deregulation give June its first budget surplus in 20 years.”
https://www.washingtonexaminer.com/restoring-america/faith-freedom-self-reliance/3466918/trump-tariffs-deregulation-give-june-first-budget-surplus-20-years
Nearly 89 % year‑to‑date growth in customs duties reflects expanded Section 301 tariffs on China, EU and others. One overlooked detail: deficit reduction came not from spending cuts but from revenue surges tied to tariff policy. The surplus flows through importers, not consumer relief. Meanwhile, consumer price inflation remains muted, though some industries report cost pass‑through pressure.
The lesson is clear: tariffs are functioning as stealth taxation, shifting revenue burdens quietly within trade channels.
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