*

US Treasury reports small budget surplus for June

*

Gross customs duties revenue reaches $27 billion for June

*

Customs receipts top $100 billion for first time in a

fiscal

year

*

Treasury chief says US tariff revenue could reach $300

billion

in 2025

(Updates with Treasury release)

By David Lawder

WASHINGTON, July 11 (Reuters) - U.S. gross customs

duties revenue grew to a record $27.2 billion in June as

collections from President Donald Trump's tariffs gained steam,

combining with calendar shifts in receipts and outlays to

produce a $27 billion federal budget surplus for the month, the

U.S. Treasury said on Friday.

The tariff receipts, which have increased steadily over

the past three months, helped push total June budget receipts up

13%, or $60 billion, to $526 billion, a record for the month.

June outlays fell 7%, or $38 billion, to $499 billion, the

Treasury said.

Adjusting for calendar shifts of some revenues and

benefit payments, the Treasury said that June would have shown a

budget deficit of $70 billion.

The data shows that

tariff revenues

are starting to build into a significant revenue

contributor, with customs duties increasing fourfold to $27.2

billion on a gross basis and $26.6 billion on a net basis in

June after refunds.

Customs receipts for the first nine months of the fiscal

year also topped $100 billion for the first time on an annual

basis, reaching a record $113.3 billion on a gross basis and

$108 billion on a net basis. The 2025 fiscal year runs from

October 1, 2024 to September 30, 2025.

The overall year-to-date deficit, however, increased 5%, or

$64 billion, to $1.337 trillion, as outlays for health care

programs, Social Security, defense spending and interest on the

national debt all increased, the Treasury said.

Receipts for the first nine months of the fiscal year

rose 7%, or $254 billion, to a record $4.008 trillion, while

outlays grew 6%, or $318 billion, to a record $5.346 trillion.

Treasury Secretary Scott Bessent earlier this week

suggested a steeper ramp-up in tariff collections, telling a

cabinet meeting that the U.S. had taken in about $100 billion in

tariff income so far this year, with that figure possibly

growing to $300 billion by the end of 2025. A Treasury

spokesperson said Bessent was referring to the calendar year -

essentially the period since Trump returned to office - and not

the fiscal year.

Reaching $300 billion in tariff collections by December

would imply a substantial increase in collections in the coming

months and steep and broad tariff increases from current levels.

Bessent added that the CBO has estimated tariff income will

total about $2.8 trillion over 10 years, "which we think is

probably low."

Trump has set a new August 1 deadline for higher

"reciprocal" tariff rates set to kick in on nearly all U.S.

trading partners, with room for negotiations with some countries

in the next three weeks for deals to lower them. Those duties

will bring in "the big money," Trump said.

Since those remarks on Tuesday, the U.S. president has put

his tariff assault into overdrive, announcing 50% levies on

copper imports and goods from Brazil and a 35% tariff on

Canadian goods, all due to start on August 1.

The Trump administration is preparing more sector-based

tariffs on semiconductors and pharmaceuticals.