The U.S. Treasury said on Wednesday net tariff revenue for May was roughly zero.
Collections totaled $22bn, about the same as May 2025, while refunds also
amounted to $22bn. Fiscal-year-to-date (since Oct. 1, 2025) net tariff receipts
are $189bn, versus $81bn a year earlier. The Treasury said the budget deficit
for the first eight months of the fiscal year, adjusted for calendar factors, is
about 2% smaller year-on-year, roughly $24bn.
