Silver Rises Over 120% YTD 
The U.S. government’s budget deficit surged nearly 20% to $291 billion in July 2025, despite collecting $21 billion more in tariff revenue from President Trump’s trade policies.
While customs duties jumped from $8 billion to $28 billion compared to last year, government spending outpaced revenue gains. Total outlays hit a record $630 billion for the month, growing 10% year-over-year, while receipts only increased 2% to $338 billion.
For the fiscal year through July, the deficit stands at $1.629 trillion, up 7% from the previous year.
