U.S. customs-duty collections have already topped $100 billion in the first nine months of fiscal 2025, Treasury data show, marking the first time that milestone has been reached within a fiscal year. The jump follows President Donald Trump’s blanket 10 % tariff on virtually all imports in April and higher levies on steel, aluminum and autos. Treasury Secretary Scott Bessent told a White House cabinet meeting on 8 July that tariff income could exceed $300 billion by the end of calendar-year 2025 and reach about $2.8 trillion over a decade. He said the inflow may amount to roughly 1 % of U.S. gross domestic product, while acknowledging tariffs could cause a “one-time” price bump for consumers. The revenue surge helped the government post a surplus of just over $27 billion in June, the Treasury reported on 11 July. It was the first June surplus since 2017 and followed a $316 billion deficit in May, narrowing the fiscal year-to-date gap to $1.34 trillion. Customs duties contributed about $27.2 billion during the month, up more than fourfold from a year earlier and bringing fiscal-year collections to roughly $113 billion. Trump has set an 1 August deadline for additional “reciprocal” tariffs that could lift duties further, and has announced plans for a 50 % tariff on copper along with prospective levies on semiconductors and pharmaceuticals. While the Administration argues the measures strengthen federal finances and incentivise domestic manufacturing, economists warn that broader and steeper duties could stoke inflation and strain global supply chains.