Background on the US Treasury and Customs Duties
The United States Department of the Treasury announced that in April, the government collected a record-breaking $16 billion from customs duties. This represents an increase of approximately $9 billion compared to the same month in 2024.
Key Figures and Timeline
- April 2025: $16 billion collected from customs duties
- $500 million daily average in April from customs duties
- President Trump’s claimed daily collection: $2 billion
- First seven months of fiscal year 2025: $63 billion in net customs duties, up from $48 billion in the same period of 2024
Trade Tensions and Policy Changes
During April, President Donald Trump escalated tariffs on Chinese products to 145% and imposed at least 10% tariffs on imports from other countries. Despite these increased tariffs, the daily revenue reported by Trump ($2 billion) was higher than the actual $500 million daily average collected by the US Treasury from customs duties.
Temporary Tariff Reduction Agreement
In late April, the United States and China reached an agreement to temporarily reduce their high mutual tariffs. The US will lower its tariffs from 145% to 30% over the next 90 days, while China will decrease its tariffs on US imports from 125% to 10%.
Impact on US Budget
As a result of the strong tax revenue in April, the last month of the fiscal year, and the record-breaking customs duties collection, the US government reported a budget surplus of $258 billion in April. This is 23% more than the previous year’s surplus, amounting to an additional $49 billion.
Fiscal Year Performance
However, the US Treasury reported a budget deficit of $1.049 trillion in the first seven months of fiscal year 2025.
Key Questions and Answers
- Q: What was the record amount collected from customs duties in April 2025? A: The US Treasury collected $16 billion from customs duties in April 2025.
- Q: How did President Trump’s claimed daily revenue compare to the actual figures? A: Trump claimed daily revenue of $2 billion, while the actual average was $500 million.
- Q: What tariff reduction agreement was reached between the US and China in late April 2025? A: The US agreed to lower its tariffs from 145% to 30%, while China decreased its tariffs on US imports from 125% to 10%.
- Q: How did the customs duties collection impact the US budget surplus in April 2025? A: The strong tax revenue and record customs duties collection contributed to a $258 billion budget surplus in April 2025, which was 23% more than the previous year.
