According to data published by the Treasury Ministry of Treasury on Tuesday night, thanks to Trump’s tariffs, the US government gave a large deficit of $ 291 billion in July, even though the customs duty collections increased by about $ 21 billion.
HE openness It was 19% larger than July 2024 and increased by 47 billion dollars, caused by a sharp increase in federal expenditures, which often leaving the income increase completely behind.
The figures showed that receipts increased only 2% and brought 338 billion dollars, while expenditures leaned for 10% of 630 billion dollars. Treasury officials, in July this year than last year, stating that he had spent less working days, tried to underestimate the gap.
If you set this, they claimed that the receipts could be 20 billion dollars higher, which would increase the monthly deficit to approximately 271 billion dollars. Nevertheless, it doesn’t matter how you sliced, they spent much more than what they won.
Tariffs bring billions but do not shrink the gap
In July, customs receipts, mostly due to higher tariffs brought by Trump, reached $ 7.1 billion to $ 27.7 billion compared to the previous year. This 290% jump. A Treasury official confirmed that the increase associated with the numbers of June confirmed that the task collections have steadily climbed since April.
These figures support Trump for months; Billions flowing from the tariff policy to the federal account. But that’s it. Imported companies are companies that pay these tariffs, and the surprise does not only eat costs.
Some of these fees pass to consumers. You may not see it directly on the label, but it occurs at the final price.
According to the inflation report on Tuesday, the product prices that feel the heat from the schedules, furniture, shoes and car pieces have increased. However, a decrease in gasoline prices helped balance these hikes and the title kept the inflation rate at the same way as 2.7%in June.
Technically, prices remained constant in general, but the real story is in details. If you zoom the core inflation rate that eliminates food and energy, it has increased by 3.1%, the fastest tempo since February. Such an increase is not what the Federal Reserve wants to see. 2 % are targeting an inflation target and they are not there yet.
Trump Slams Powell, BLS BLS’s passing over weak job data
Even with rising customs income, the wider picture does not look great. In the first 10 months of the fiscal year, the United States increased by 7% of last year and increased a gap of $ 1,629 trillion. Period receipts reached a new record of $ 4,347 trillion and increased 262 billion dollars or 6%.
However, expenditures grew further, 374 billion dollars higher, reached $ 5,975 trillion, at the same time a record for this stretch. Trump, who has always been one to mislead the crime, did not miss the chance to attack the Federal Reserve again. It is still angry that the Central Bank does not reduce interest rates this year.
He claims that high rates are dragging the economy and still use social media. On Tuesday, he said: “Jerome ‘too late’ Powell should now reduce the ratio.”
Also in a fiery madness. The Office of the Working Statistics, after reducing the weaker job data than expected, who gave doubts about how big the tariff strategy is in fact, Trump expelled Erika Mcentarfer, the head of the agency. The same agency compiled inflation data he was angry with.
Trump’s attacks are no longer online rent. It is currently supporting a “great lawsuit ilgili, which is connected to the renovations in the Fed properties against Powell and shows that the pressure on the Central Bank chief is more intensified.
Nevertheless, the FED, which was created by the Congress independently of the White House, refused to reduce the rates. Authorities are worried that it may cause more inflation, especially with the tariffs in the mixture.
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