Tariff refunds push US June budget deficit to $120 billion

In June 2025, as Trump's tariffs were still ramping up, the Treasury reported net customs collections of $26.6 billion, pushing them above $100 billion for the first time in a fiscal year. At that time U.S. Treasury Secretary Scott Bessent said the budget results showed that the U.S. was "reaping the rewards" from Trump's tariff agenda.

That agenda is in flux as a temporary 10% global tariff is due to expire on July 24 and the administration prepares new duties over what it sees as lax enforcement of anti-forced labor laws and excess industrial capacity.

A federal judge has warned that the government's appeal of his order to refund all illegal tariffs was delaying payments. The May and June refunds constitute about $71 billion, or 42% of the $166 billion in IEEPA-based tariffs collected by the Customs and Border Protection agency that were subject to refunds.

A U.S. Treasury official declined to comment on the future path of tariff refunds.