US tariff revenues jump more than 300% in fiscal 2026

Customs duty collections rose 275% year-on-year to $30 billion in January

US tariff revenues have surged more than 300% since the start of fiscal year 2026, helping narrow the federal budget deficit, Treasury Department data showed on Wednesday.

Customs duty collections rose 275% year-on-year to $30 billion in January, bringing total tariff revenues since the beginning of the fiscal year to $124 billion, up 304% from a year earlier, the data showed.

The cumulative federal budget deficit narrowed 17% to $697 billion. Total receipts increased 12% to $1.78 trillion, while outlays edged up 2% to $2.48 trillion, according to the Treasury.