The U.S. government collected a record $27.7 billion in customs duties in July, fueled by President Donald Trump’s continued use of tariffs to reshape the nation’s trade policy. Treasury Department data released Tuesday shows this marks the highest monthly total on record, surpassing June’s $26.6 billion and May’s $22.2 billion.

The figure represents a sharp increase from roughly $8 billion in July 2024 and pushes total tariff revenue for the fiscal year — which ends September 30 — to approximately $135.7 billion. The surge underscores how tariff collections during Trump’s second term have far exceeded levels seen in his first term and in recent U.S. history.

President Trump praised the figures on Truth Social, calling the revenue “incredible for our Country, its Stock Market, its General Wealth, and just about everything else.” He also criticized Goldman Sachs over its tariff-related research, claiming the true revenue impact was in the “trillions.”

Despite the record-setting month, tariffs accounted for less than 10% of the government’s total July receipts of $338 billion. They have also done little to reduce the budget deficit, which widened by about $291 billion last month, bringing the 10-month shortfall to $1.63 trillion.

Economists note that tariffs are ultimately paid by U.S. businesses and consumers — not foreign governments. A recent Goldman Sachs analysis estimated that, as of June, American companies absorbed 64% of tariff-related cost increases, while consumers bore about 22%.

The July revenue spike came during a month the Treasury describes as typically slower for tax collections, with no major corporate or individual payment deadlines. Nonetheless, the sustained rise in tariff income highlights the ongoing financial impact of Trump’s trade measures on U.S. importers and the broader economy.