U.S. customs-duty collections have topped $100 billion since January, the first time the figure has crossed that threshold in a single fiscal year, according to Treasury data cited by Axios and later confirmed by Reuters and CNBC. Collections surged to a record $27.2 billion in June—up 301% from a year earlier—lifting total tariff revenue for the fiscal year to about $113 billion. Treasury Secretary Scott Bessent told a White House cabinet meeting on 8 July that tariff income could reach $300 billion by the end of calendar-year 2025 as the administration’s near-universal 10% import duty and higher levies on steel, aluminum and autos take fuller effect. Bessent said the inflows may amount to roughly 1% of GDP and could total $2.8 trillion over a decade, exceeding Congressional Budget Office projections. The jump in duties delivered an unexpected $27 billion federal budget surplus in June, the first monthly surplus since 2005 and the first June surplus since 2017. Treasury figures show overall receipts rose 13% from a year earlier while outlays fell 7%, trimming—but not reversing—a fiscal year-to-date deficit still running at $1.34 trillion. President Donald Trump has signaled additional measures, including a 50% tariff on copper and reciprocal duties scheduled to begin 1 August, suggesting tariff receipts may climb further in coming months. Economists are watching the revenue boost against potential inflationary effects and the impact of higher import costs on corporate margins and consumer prices.