S&P Global Ratings on Monday reaffirmed the United States’ AA+ long-term sovereign credit grade and kept the outlook stable, saying higher tariff receipts should largely counter the wider deficits created by President Donald Trump’s recently enacted “One Big Beautiful Bill Act.” The legislation, signed in July, makes Trump’s 2017 tax cuts permanent while introducing new spending, prompting the rating company to scrutinise the government’s fiscal trajectory. The agency expects the surge in import duties—helped by a baseline 10% levy on all goods and selected additional tariffs—to deliver “meaningful” revenue. Treasury data showed customs collections jumping by about $21 billion in July. Combining that windfall with still-solid economic performance, S&P projects the general-government deficit will average roughly 6% of GDP between 2025 and 2028, an improvement from the estimated 7.5% shortfall in 2024. S&P first cut the U.S. from AAA in 2011 and has left the grade unchanged ever since; peers have grown less sanguine, with Moody’s downgrading the sovereign earlier this year. While noting that ballooning debt will continue to exceed 100% of GDP within three years, S&P said the country’s diversified economy, the dollar’s reserve-currency role and an independent Federal Reserve underpin the rating. The firm warned, however, that political gridlock or pressure on the Fed could trigger a downgrade over the next two to three years.