The U.S. government's budget deficit grew nearly 20% despite a nearly $21 billion jump in customs duty collections from Trump's tariffs, with outlays growing faster than receipts, the Treasury Department said.

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.

The U.S. has seen a record increase in tariff income, with a 273% rise in customs revenue from last year. However, the budget deficit is still up by 20% year over year, according to