Key Points
The U.S. Treasury continues to see an increase in tariff-related deposits in July.
- Receipts are running at about $70B ahead of last year.
- On a monthly basis, July deposits appear to be on track for a comparable year-over-year increase to June.
- While import substitution and any forthcoming trade deals will influence tariff revenue, deposits at the present pace would increase government revenue by over $200B annually.
Customs Duties and Certain Excise Taxes through July 24th, 2025
New single-family home sales remain near their 2016 – 2019 average pace.
- While elevated levels of homebuilding have supported new sales in recent years, the pace of housing starts has generally fallen over 2025.
- Single-family starts, which averaged 1M units in 2024, fell to 880K in June 2025.
New Single-Family Home Sales
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