US Deficit Tracks Third-Highest Ever Even as Tariff Take Rises

US tariff revenue hit a new monthly record in August, reflecting President Donald Trump’s tariff hikes, though that still left the federal government with the third-biggest deficit on record so far this fiscal year.

Customs duties climbed to $30 billion last month, marking a 296% surge over August last year, a Treasury Department release showed on Tuesday. At the same time, the monthly budget deficit came in at $345 billion. August’s deficit was 15% wider than the same month the year before after accounting for calendar differences.

For the first 11 months of the fiscal year, tariff revenue totals ...