US Net Tariff Revenue Records -$25.6 Billion in June Amid Refunds

The Trump administration's net tariff revenue recorded negative figures for the second consecutive month in June, according to a US Treasury Department revenue and expenditure report released on the 13th local time. Net tariff revenue, calculated as total tariffs minus refunds, came in at approximately -$25.6 billion last month, a significant expansion from the previous month's -$42 million. The negative trend stems from ongoing refunds of reciprocal tariffs following a US Supreme Court ruling deeming them unlawful, with the US Customs and Border Protection (CBP) operating a refund system since April 20.

June Tariff Collections Fall Short of Refund Outflows

During June, the US collected $23.628 billion in tariffs but issued $49.183 billion in refunds, resulting in the substantial negative net figure. Refund amounts increased significantly compared to May's $21.972 billion. The total estimated refund amount stands at approximately $166 billion, according to the Treasury data.

Data source: US Treasury Department

US net tariff revenue remained comfortably above $20 billion through April before rapidly turning negative from May onward as refund impacts became fully reflected in the figures.

Fiscal Deficit Reaches $120.3 Billion in June

The overall fiscal balance for June recorded a deficit of approximately $120.3 billion. The cumulative fiscal deficit for the nine months since the start of fiscal year 2026 reached $1.3665 trillion, representing an increase of just over 2% compared to the same period one year earlier.

Data source: US Treasury Department

CBP Refund System Operational Since April 20

The US Customs and Border Protection began operating its refund system on April 20 to return reciprocal tariff revenue in accordance with the Supreme Court ruling. The system processes refunds for tariffs the court determined were collected unlawfully.

FAQ

Why did US tariff revenue turn negative in May and June?

The US Supreme Court ruled reciprocal tariffs unlawful, requiring the government to refund previously collected amounts. The CBP launched a refund system on April 20, and refund outflows exceeded new tariff collections in both May ($21.972 billion refunded) and June ($49.183 billion refunded), resulting in negative net tariff revenue.

How much has the US fiscal deficit increased in fiscal year 2026?

For the nine months since fiscal year 2026 began, the cumulative fiscal deficit reached $1.3665 trillion, representing an increase of just over 2% compared to the same nine-month period one year earlier. June alone recorded a deficit of approximately $120.3 billion.