The U.S. government's budget deficit grew nearly 20% despite a nearly $21 billion jump in customs duty collections from Trump's tariffs, with outlays growing faster than receipts, the Treasury Department said.

The U.S. budget deficit rose nearly 20% in July to $291 billion as spending outpaced receipts despite a $21 billion boost from Trump’s tariffs, according to Reuters. The July deficit rose 19% by $47 billion from a year earlier.

WASHINGTON -- The U.S. budget deficit in July climbed 20% this fiscal year compared to the last despite the U.S. taking in record income from President Donald Trump’s tariffs, according to Treasury Department data released Tuesday.

The U.S. government ran a massive $291 billion deficit in July even as customs duty collections soared nearly $21 billion thanks to Trump’s tariffs.

ISTANBUL (AA) - The US federal budget deficit rose 19.4% year-on-year in July, reaching $291 billion, despite an $8 billion surge in tariff revenues, according to data from the Treasury Department that was released Tuesday. The government had a budget deficit of $243.7 billion in July last year.

U.S. tariff revenue reached a fresh monthly record in July, though the increase wasn’t enough to prevent a widening in the monthly budget deficit — pointing to the federal government’s