WSJ Slams Treasury Secretary’s Tariff Boast as Misleading Budget Spin

By Staff, Agencies

The Wall Street Journal editorial board has sharply criticized Treasury Secretary Scott Bessent’s claim that President Trump’s tariffs helped deliver a balanced US budget in June, calling the assertion misleading and based on seasonal accounting quirks.

Bessent, a top Trump economic official, touted the June budget figures as proof that Trump's tariff policy was paying off.

“Another promise made. Another promise kept,” he posted on social media, pointing to a reported $27 billion in customs duties collected last month — a sharp increase from $6 billion in June of the previous year.

But the WSJ editorial board, a long-time critic of Trump’s tariff strategy, was quick to dismiss the claim as political sleight of hand. “June is always a high-revenue month,” the board wrote, noting that it coincides with quarterly estimated tax payments from both individuals and corporations. “Balanced monthly budgets or even surpluses are not unusual this time of year — even without tariffs.”

The board emphasized that the broader fiscal picture remains bleak. From October through June, the US has run a $1.3 trillion deficit, with outlays exceeding last year’s by $318 billion — a number that would be even larger were it not for some creative accounting.

While individual income tax receipts are significantly up year-over-year, corporate tax revenue has actually declined.

The board noted that, since taking office, Trump’s tariffs have brought in $108 billion — barely a dent in the federal government’s nearly $7 trillion annual budget. Meanwhile, deficit spending has continued to surge, especially following the passage of Trump’s sweeping tax cut package.

Cautioning that Bessent’s narrative could backfire, the WSJ warned that claiming a short-term surplus as proof of fiscal health may lull voters into thinking deeper structural reforms aren’t necessary.

“Mr. Bessent’s budget boasts about tariffs amount to overcooking the goose,” the editorial board concluded, “which might come back to burn him too.”