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June Deficit Hits $1.367 T as Trump Tariff Refunds Surge

7/13/2026

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Summary

Story summary

The U.S. Treasury Department said the June 2026 deficit rose to $120 billion because refunds from President Donald Trump’s illegal tariffs exceeded collections.
June receipts fell $31 billion to $496 billion while outlays rose $117 billion to $616 billion.
The overall deficit increased $29 billion to $1.367 trillion.
Evercore ISI analysts said the refund program is temporary and expect future tariff revenue to exceed $300 billion annually.

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Story summary

The U.S. Treasury Department said the June 2026 deficit rose to $120 billion because refunds from President Donald Trump’s illegal tariffs exceeded collections.
June receipts fell $31 billion to $496 billion while outlays rose $117 billion to $616 billion.
The overall deficit increased $29 billion to $1.367 trillion.
Evercore ISI analysts said the refund program is temporary and expect future tariff revenue to exceed $300 billion annually.