The U.S. budget deficit narrowed to $316 billion in May, marking a 9% drop from last year, largely due to a surge in customs revenue driven by President Trump’s new tariffs.
The U.S. Treasury reported a $316 billion budget deficit for May, showing a 9% year-over-year decline, or $31 billion less than May 2024. The improvement was largely attributed to a sharp rise in customs duties, which nearly quadrupled to a record $23 billion, thanks to President Donald Trump’s expanded tariffs on imports. Compared to the same month last year, total receipts jumped 15% to $371 billion, while outlays increased modestly to $687 billion. Fiscal year-to-date customs revenue rose nearly 60%, reaching $86 billion.
Calendar shifts affected both years’ numbers due to June benefits being paid in May; after adjusting, the May 2025 deficit would be $219 billion — a 17% improvement from May 2024’s adjusted $263 billion. Notably, interest payments on public debt dropped 10% to $92 billion, marking the first decline since October.
Greek Prime Minister Kyriakos Mitsotakis reshuffled his cabinet on Friday (3 April) in a bid to contain a growing scandal over the alleged fraudule...
A parliamentary vote in Myanmar has elected junta chief Min Aung Hlaing as president, consolidating his grip on power five years after he ousted an...
One crew member from a U.S. warplane shot down over Iran has been rescued, U.S. officials said, as a search continues for a second crew member....
Turkish Vice President Cevdet Yılmaz has hailed the growing importance of the Organisation of Turkic States (OTS) am...
Across China, people are taking part in a wide range of activities to honour fallen heroes ahead of the Qingming Festival, a traditional time for r...
Greek Prime Minister Kyriakos Mitsotakis reshuffled his cabinet on Friday (3 April) in a bid to contain a growing scandal over the alleged fraudulent use of European Union farm subsidies.
One crew member from a U.S. warplane shot down over Iran has been rescued, U.S. officials said, as a search continues for a second crew member.
Afghanistan’s Ministry of Foreign Affairs says it has sent a mid-level delegation to China for formal talks with Pakistan, as both sides meet in Urumqi amid efforts by Beijing to ease tensions between the neighbours.
Iran has strongly condemned U.S. President Donald Trump’s threat to bomb the country “back to the Stone Age”, calling his remarks an example of “war crimes and genocide.”
Fears of wider escalation grow despite President Donald Trump saying U.S. strikes on Iran could end within weeks. Meanwhile missile attacks, tanker incidents and rising casualties across Israel, Lebanon and the Gulf heighten risks to regional stability and energy routes.
Four astronauts blasted off from Florida on Wednesday on NASA's Artemis II mission, a high-stakes voyage around the moon that marks the United States' boldest step yet toward returning humans to the lunar surface later this decade in a race with China.
An earthquake of magnitude 7.6 struck in Indonesia's Northern Molucca Sea on Thursday, killing one person, damaging some buildings and triggering tsunami waves, authorities and witnesses said.
President Donald Trump staunchly defended his handling of the month-old U.S.-Israeli war on Iran in a prime-time address on Wednesday, saying the U.S. military was nearing completion of its mission while also reinforcing his threats to bomb the Islamic Republic back to the Stone Age.
One U.S. crew member has been rescued after Iran downed a warplane, while the search continues for a second. At the same time, Iran has officially told mediators it will not meet U.S. officials in Islamabad in the coming days, calling U.S. demands unacceptable, according to The Wall Street Journal.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
The U.S. national average retail price of petrol rose above $4 a gallon for the first time in over three years on Monday (30 March), according to GasBuddy data, as the U.S.–Israeli war with Iran continued to roil global energy markets.
Japan and Indonesia will deepen coordination on energy security, Tokyo said, as the U.S.-Israeli war on Iran disrupts vital oil and gas flows to Asia.
China's three largest state-owned airlines have issued warnings regarding their financial outlook for the current year, acknowledging that the eruption of war involving Iran has driven jet fuel prices to unsustainable highs.
Stock markets across Asia fell on Monday as escalating conflict involving Iran drove oil prices sharply higher, fuelling fears of inflation and a potential global recession, with investors reacting to disruption risks in the Strait of Hormuz and prolonged hostilities.
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