U.S. net tariff revenue grew by 330% year-over-year to $31.4 billion in October, a record-high for the month that lifted the Treasury’s monthly receipts to $404 billion. However, outlays for the month were $689 billion, bringing the budget deficit to $284 billion and registering a 10% year-over-year increase from a $257 billion deficit.
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It’s worth noting that some of November’s military and healthcare benefit payments were shifted into October because November 1 fell on a Saturday. When adjusting for these differences, October’s budget deficit would have improved to $180 billion, down by 29% year-over-year.
Pending SCOTUS Case to Determine Legality of Trump’s Tariffs
Customs duties accounted for 7.75% of U.S. revenue during the month, while individual income taxes remain the largest source at 53.65%.
Treasury Secretary Scott Bessent previously estimated that the Trump administration’s tariffs could bring in $500 billion of revenue per year. At the same time, the fate of the tariffs is up to the Supreme Court, which heard oral arguments for the legality of the duties under the International Emergency Economic Powers Act (IEEPA) earlier this month. The SCOTUS has not yet issued a decision on the case.
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