Federal deficit dips slightly

(CNN)– The federal deficit edged lower this year thanks in part to President Trump’s tariffs.

According to the Treasury Department, the budget deficit slipped to nearly $1.78 trillion in this year’s fiscal year.

That is down $41 billion from the prior fiscal year.

The revenue from tariffs soared to $195 billion which is a sharp increase from the $77 billion they brought in last year.

A congressional budget office review found individual income tax receipts also came in higher  which helped offset a decline in corporate tax revenue.