U.S. budget gap balloons to $739 billion, with four months to go
-- The U.S. budget deficit widened to $738.6 billion in the first eight months of the fiscal year, a $206 billion increase from a year earlier, despite a revenue boost from President Donald Trump’s tariffs on imported merchandise.
As Trump ratcheted up the trade war with China with higher levies on imports from the Asian nation, the U.S. recorded $4.9 billion in customs duties in May, bringing the total to $44.9 billion in the first eight months of the fiscal year -- almost double the same period a year earlier. Trump has repeatedly boasted that the U.S. is taking in billions in dollars through the tariffs, though importers in America are actually paying the levies.
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