S&P Global affirmed the US credit rating at “AA+”, noting that tariff revenues offset the fiscal impact of Donald Trump’s tax bill, which includes tax cuts and spending reductions.
US customs revenue rose $21 billion in July due to Donald Trump’s tariffs; however, the federal budget deficit for the same period increased 20% to $291 billion.
Additionally, S&P maintained its outlook on the US economy at “stable,” reflecting its view that the budget deficit will not change significantly in the coming years. Specifically, the agency expects the national debt to exceed 100% of GDP over the next three years, while the federal budget deficit is projected to fall to 6% of GDP in 2025–2028, down from 7.5% in 2024 and an average of 9.8% during 2020–2023.
