“With the help of tariffs, we have cut the federal budget deficit by a staggering 27% in a single year.”

In a Jan. 30, 2026 Wall Street Journal op-ed, President Trump wrote that with the help of tariffs, he had cut the federal budget deficit by 27% in a single year.

Budget analysts compare deficits by fiscal year. The FY2025 deficit of about $1.78 trillion was roughly 2.3% smaller than the $1.82 trillion FY2024 deficit - a real but modest decline. The 27% figure was reached by comparing the cumulative deficit for February through November 2025 with the same 10 calendar months of 2024, a selective window.

Tariff revenue did rise sharply, but CBO projects the FY2026 deficit will end near $1.9 trillion - higher than FY2025. On the standard fiscal-year basis, the 27% claim is not supported.