​​​​​​​By Mucahithan Avcioglu

ISTANBUL (AA) - The US federal budget deficit rose 19.4% year-on-year in July, reaching $291 billion, despite an $8 billion surge in tariff revenues, according to data from the Treasury Department that was released Tuesday.

The government had a budget deficit of $243.7 billion in July last year.

The expectation for the budget balance was for a deficit of $206.7 billion.

Revenues increased 2.5% on an annual basis in July, reaching $338.5 billion, while expenditures climbed 9.7%, totaling $629.6 billion.

Meanwhile, tariff revenues rose approximately 273% in July compared to the same period last year, reaching $28.4 billion, in line with US President Donald Trump's tariff policy.

In the first 10 months of fiscal year 2025, the total budget deficit increased 7.4%, compared to the same period last year, reaching $1.6 trillion.

The deficit was $1.5 trillion last year.

In the first 10 months of the fiscal year, revenues rose 6.4% compared to the same period last year, reaching $4.4 trillion, while expenditures increased 6.7% to approximately $5.9 trillion.

Tariff revenues reached $136 billion in the same period, rising more than 116% on an annual basis.