U.S. tariff revenue surged to record levels in July 2025, reaching approximately $28.4 billion for the month and marking a more than 300% increase compared to the previous year. Data from the Treasury Department shows that tariffs brought in $27.7 billion in July, with some reports citing figures as high as $29.6 billion. This sharp rise has pushed total tariff revenue for the fiscal year to around $135.7 billion. Monthly tariff collections have steadily increased since April 2025, starting from $16.3 billion and climbing each month to July's peak. Analysts project that if this trend continues, annual tariff revenue could exceed $350 billion during President Donald Trump's term, surpassing corporate income tax revenue and accounting for roughly 1.6% of U.S. GDP. Bipartisan analyses confirm that these tariffs have generated billions in new government revenue. However, despite this windfall, the increased tariff income has not been sufficient to offset higher federal spending, which is partly driven by elevated debt servicing costs. Inflation has remained steady amid these developments.