US tariff revenue in May was nearly balanced with refunds.

The U.S. Department of the Treasury stated on Wednesday that the U.S. government's net tariff revenue in May was approximately zero. Treasury data shows that the U.S. government collected $220 billion in tariffs that month, similar to May 2025. However, at the same time, the U.S. government also paid out $220 billion in tariff refunds. So far this fiscal year, net tariff revenue is $189 billion, higher than the $81 billion for the same period last year. The U.S. Department of the Treasury stated that after adjusting for calendar factors, the budget deficit for the first eight months of this fiscal year decreased by 2% compared to the same period last year, about $24 billion.