DiscoverMises MediaNo, Tariffs Did Not Cause September's Budget Surplus
No, Tariffs Did Not Cause September's Budget Surplus

No, Tariffs Did Not Cause September's Budget Surplus

Update: 2025-10-28
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September’s fiscal surplus was not thanks to tariff revenue. In truth, it was thanks to Americans paying more in income tax. Tariffs were only 5.7 percent of revenue.

Original article: https://mises.org/mises-wire/no-tariffs-did-not-cause-septembers-budget-surplus

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No, Tariffs Did Not Cause September's Budget Surplus

No, Tariffs Did Not Cause September's Budget Surplus

Ryan McMaken