TechFlow, June 12 — According to Jinshi Data, based on the U.S. Treasury's monthly budget statement, U.S. customs tariff revenue reached $23 billion in May, an increase of $17 billion compared to the same period last year, up 270%. The May figure is more than three times the average monthly level for 2024.
The surge in tariff revenue reflects the impact of several new tariffs imposed by Trump, most of which took effect in early April. Beyond tariffs alone, total government revenues in May rose 15% from last year’s $323.6 billion to $371.2 billion.
However, compared to all U.S. government expenditures, this record tariff income represents just a drop in the bucket. Government spending in May reached as high as $687.2 billion (up 2.5% year-on-year), meaning tariff revenue accounted for only 3% of total government outlays.
Treasury officials said last month’s improved fiscal position was also aided by lower debt servicing costs, driven by reduced payments on inflation-linked securities and lower discount rates on short-term Treasury bills.
Nonetheless, the overall picture remains bleak. Interest payments in May reached $92.2 billion, highlighting the unsustainable nature of America's debt burden. The U.S. government accumulates $1.2 trillion in interest expenses annually, only $300 billion less than its largest expenditure category—Social Security.
