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The deficit for the fiscal year was $1.78 trillion, down from $1.82 trillion in 2024, a drop of 2%, according to figures released by the Treasury Department Oct. 16.

The federal government logged a $1.8 trillion budget deficit for the 2025 fiscal year, little changed from 2024 despite a surge in tariff revenue, according to the Congressional Budget Office.

President Donald Trump said in a social media post that he and Chinese President Xi Jinping would be speaking Sept. 19.

Customs duties hit $30 billion last month, marking a 296% surge over August last year, the Treasury Department reported. At the same time, the monthly budget deficit came in at $345 billion.

U.S. tariff revenue reached a fresh monthly record in July, though the increase wasn’t enough to prevent a widening in the monthly budget deficit.

Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks.

The U.S. collected a record amount of revenue from tariffs in April, helping to limit a further widening of the budget deficit.

Treasury Secretary Scott Bessent said that the Trump administration is looking at multiple factors regarding China beyond just tariffs — including non-tariff barriers.

What now seems certain is that Trump — who sees tariffs as a way to rebuild American manufacturing and make other countries hew to his policy priorities — is preparing a major package.

The U.S. announced new sanctions on Iran’s oil and petrochemicals sectors in response to the country’s Oct. 1 ballistic-missile attack on Israel.