Despite the U.S. taking in record income from President Donald Trump's tariffs in July — with a 273% increase in customs revenues (or $21 billion) from this time last year — the U.S. budget deficit is still higher,

The U.S. government's budget deficit grew nearly 20% in July to $291 billion despite a nearly $21 billion jump in customs duty collections from President Donald Trump's tariffs, with outlays growing faster than receipts,

New data from the Treasury Department released Tuesday afternoon confirmed that June marked another record month on the revenue front, with some $27.7 billion in customs duties coming into US coffers.

U.S. President Donald Trump said on Tuesday consumers are not paying the costs of tariffs, countering a recent Goldman Sachs' research division estimate that they had absorbed 22% of the costs through June.