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.
Brazilian President Luiz Inácio Lula da Silva has said he will urge U.S. President Donald Trump to avoid a "new Cold War" when the two leaders meet i...
Iran announced on Saturday (21 February) that it has designated the naval and air forces of European Union member states as “terrorist entities” i...
Pakistan said it carried out cross-border strikes on militant targets inside Afghanistan after blaming a series of recent suicide bombings, including ...
Russia launched overnight drone and missile strikes across Ukraine, hitting energy infrastructure in multiple regions, while an explosion in the weste...
U.S. President Donald Trump said he plans to send a hospital ship to Greenland, working with Louisiana Governor Jeff Landry. He announced the move in ...
Iran announced on Saturday (21 February) that it has designated the naval and air forces of European Union member states as “terrorist entities” in a reciprocal move after the EU blacklisted the Islamic Revolutionary Guard Corps (IRGC).
A seven-month-old Japanese macaque has captured global attention after forming an unusual but heart-warming bond with a stuffed orangutan toy following abandonment by its mother.
Ukraine’s President Volodymyr Zelenskyy has approved new sanctions targeting Russian maritime operators, defence-linked companies and individuals connected to Moscow’s military and energy sectors, according to official decrees issued on Saturday.
The chief executive of Google DeepMind, Demis Hassabis, has called for more urgent research into the risks posed by artificial intelligence, warning that stronger safeguards are needed as systems become more advanced.
Quentin Griffiths, co-founder of online fashion retailer ASOS, has died in Pattaya, Thailand, after falling from the 17th floor of a condominium on 9 February, Thai police confirmed.
A seven-month-old Japanese macaque has captured global attention after forming an unusual but heart-warming bond with a stuffed orangutan toy following abandonment by its mother.
Divers have recovered the bodies of seven Chinese tourists and a Russian driver after their minibus broke through the ice of on Lake Baikal in Russia, authorities said.
Ukraine’s National Paralympic Committee has announced it will boycott the opening ceremony of the Milano Cortina 2026 Paralympics in Verona on 6 March, citing the International Paralympic Committee’s decision to allow some Russian and Belarusian athletes to compete under their national flags.
President Donald Trump said on Saturday (21 February) that he will raise temporary tariffs on nearly all U.S. imports from 10% to 15%, the maximum allowed under the law, after the Supreme Court struck down his previous tariff program.
Millions of Colombian roses have arrived in the United States just in time for Valentine’s Day, keeping the country on track as the world’s second-largest flower exporter. Between 15 January and 9 February, Colombia shipped roughly 65,000 tons of fresh-cut blooms.
Russia’s car market is continuing to receive tens of thousands of foreign-brand vehicles via China despite sanctions imposed after Moscow’s full-scale invasion of Ukraine in 2022, a journalistic investigation has found.
Türkiye’s national energy company, TPAO, has struck a new cooperation deal with U.S. energy giant Chevron, signing a memorandum of understanding to explore joint oil and gas exploration and production opportunities, the Turkish Energy and Natural Resources Ministry announced on Thursday.
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
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