Tariff revenues hit a new monthly record in July, topping $28 billion and lifting collections for the fiscal year to date to more than $151 billion, according to Treasury data.
The latest Daily Treasury Statement, released on Tuesday, shows July’s haul surpassing the previous record of $27 billion set in June.
President Donald Trump has said that the higher duties will substantially boost government revenue.
“The big money will start coming in on Aug. 1,” he said during a July 8 Cabinet meeting, referring to reciprocal tariffs scheduled to take effect against dozens of trading partners unless they strike last-minute deals with Washington.
In the days leading up to Friday’s looming deadline, Trump announced a 25 percent levy on India—citing its purchases of Russian energy and weapons—and a 15 percent duty on South Korea, aligning it with Japan’s rate….