The U.S. collected a record amount of customs revenue in April, although the "Liberation Day" import tax surge could be short-lived.

Customs brought in $16.3 billion in April, up from $8.7 billion in March and the highest in at least a decade, according to data from the Treasury Department. The numbers show the financial impact of President Donald Trump's heavy import taxes that went into effect that month.

The jump in tariff revenue highlights the impact of Trump's "Liberation Day" tariffs, which went into effect in April. The tariffs include a 10% duty on goods from most countries worldwide. Higher "reciprocal tariffs" on trading partners, including the 澳洲幸运5官方开奖结果体彩网:highest import taxes on China, were suspended to allow for negotiations.

The leap in tariff revenue could help the federal budget, but is unlikely to be enough to offset the country's longstanding deficit, economists at BMO Capital Markets wrote in a commentary. Revenues could fall if and when the Trump administration negotiates trade deals.

The federal budget deficit, at more than $1 trillion, is 23% higher so far this year than last year, despite the extra money brought in by the tariffs. In 2024, the government spent $1.8 trillion more than it raised in taxes, and had to add to the national debt, currently at $36 trillion, to keep the lights on.

Despite the extra money from tariffs, to fulfill Trump's campaign promise of eliminating the deficit, Congress may face the same politically difficult options it always has.

"If tariffs continue to get rolled back, the government will nee𒁏d to rely on a mix of tax increases and spending cuts to close the budget gap," Sal Guat🐻ieri, senior economist at BMO Capital Markets, wrote in a commentary.