Top Stories
Top Stories
Economy

US trade deficit widens to a 5-month high of $55.5 billion in May

Shipping containers lie stacked on a ship docked at the Port Newark Container Terminal, Newark, New Jersey.
Getty Images

The U.S. trade deficit rose to a five-month high in May as the politically sensitive imbalances with China and Mexico widened.

The Commerce Department says the gap between the goods and services the U.S. sells and what it buys from foreign countries rose 8.4% to $55.5 billion in May, the highest since December. Exports increased 2% to $210.6 billion on rising shipments of soybeans, aircraft and cars. But imports climbed more — 3.3% to $266.2 billion — on an increase in crude oil and cellphones.

The deficit in the trade of goods with Mexico rose 18.1% to a record $9.6 billion. The goods gap with China widened 12.2% to $30.2 billion.

President Donald Trump sees America's trade deficits as a sign of weakness but hasn't been able to reduce them.

Next Article
Economy

US weekly jobless claims fall more than expected

Key Points
  • The number of Americans filing applications for unemployment benefits fell more than expected last week.
  • The data pointed to sustained labor market strength that should help support a slowing economy.
  • Initial claims for state unemployment benefits dropped to 221,000 for the week ended June 29, the Labor Department said.