The US budget recorded record customs revenue in May - $23 billion. This is $6 billion more than the figure for May last year, according to a report by the US Treasury Department.
It is believed that the increased revenue is due in part to the new tariffs introduced by the administration of US President Donald Trump.
This significant amount helped reduce the budget deficit last month. It amounted to $316 billion, which is 17% less than the same month last year. For the first eight months of this fiscal year, the budget deficit is $1.37 trillion. This is 1% less than the same period last year.
Earlier, US Treasury Secretary Scott Besant said that the budget deficit this fiscal year will be from 6.5% to 6.7% of GDP. This will be the third consecutive year when this figure exceeds 6% of GDP.