U.S. tariff revenue surged 270% in May to $23 billion, setting a new monthly record.

On June 12, according to the monthly budget statement from the U.S. Treasury, U.S. customs duty revenue reached $23 billion in May, an increase of $17 billion compared to the same period last year, a growth of 270%. The May data is more than three times the average monthly level for 2024.

Tariff revenue surged, reflecting the impact of several new tariffs from Trump, most of which took effect in early April. Not just tariffs, total government revenue in May increased by 15% from last year's $323.6 billion to $371.2 billion.

However, compared to all the expenditures of the U.S. government, the record tariff revenue is just a drop in the bucket. In May, government spending reached $687.2 billion (a 2.5% increase from the same period last year), so tariff revenue accounted for only 3% of U.S. government spending.

Officials from the Ministry of Finance stated that the improvement in fiscal conditions last month was also due to a decrease in debt service costs, which benefited from reduced interest payments on inflation-linked securities and a lower discount rate on short-term treasury bills.

Nevertheless, the overall situation remains frustrating, with interest payments reaching $92.2 billion in May, reflecting the unsustainable debt situation in the United States. The U.S. government accumulates a total interest expenditure of $1.2 trillion annually, which is only $300 billion less than the largest expenditure category—Social Security spending.