US budget deficit shrinks in August thanks to tariff revenues

By Gokhan Ergocun

ISTANBUL (AA) - The US federal government's budget deficit fell 9% in August compared to the same month last year to $345 billion, partly due to tariff revenues.

The US Treasury Department released its budget balance report for August; government revenues rose 12% year-on-year to $344 billion in August, while spending remained unchanged at $689 billion.

In line with US President Donald Trump's tariff policy, revenue from customs duties in August rose 296% compared to the same period last year to $30 billion.

The federal government had a budget deficit of $380 billion in August last year.

Market expectations for the budget balance during this period were for a deficit of $305.7 billion.