U.S. July Deficit Climbs To $291B Despite $21B Boost From Trump Tariffs

The U.S. budget deficit rose nearly 20% in July to $291 billion as spending outpaced receipts despite a $21 billion boost from Trump’s tariffs, according to Reuters. The July deficit rose 19% by $47 billion from a year earlier. Receipts are up 2% to $338 billion and spending up 10% to a record $630 billion. Adjusting for fewer business days in July, the Treasury said receipts would have been $20 billion higher, lowering the deficit to about $271 billion. Trump has promoted tariff revenues, though importers pay the duties and often passed to consumers through higher prices.