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.
Pope Leo continued his visit to Türkiye in Istanbul on Thursday (27 November), following a round of meetings in Ankara. This marks his first trip out...
Israeli forces shot dead two Palestinians in the West Bank during a raid, despite the men appearing to surrender and being unarmed....
Acting U.S. Ambassador Alan Purcell met with Georgia’s Finance Minister Lasha Khutsishvili to discuss economic ties, sanctions, and Georgia’s pote...
Ukraine and Russia signalled cautious openness to a U.S.-backed draft peace plan on Thursday, with both Kyiv and Moscow suggesting it could form the b...
Iran’s Foreign Minister Abbas Araghchi visited Paris on Wednesday in a rare visit by an Iranian top diplomat in recent years....
Israeli forces shot dead two Palestinians in the West Bank during a raid, despite the men appearing to surrender and being unarmed.
Pope Leo continued his visit to Türkiye in Istanbul on Thursday (27 November), following a round of meetings in Ankara. This marks his first trip outside Italy since being elected in May as the leader of the 1.4-billion-strong Catholic Church.
Acting U.S. Ambassador Alan Purcell met with Georgia’s Finance Minister Lasha Khutsishvili to discuss economic ties, sanctions, and Georgia’s potential role in the U.S. TRIPP regional initiative.According to the U.S. Embassy in Tbilisi, the discussion touched on Georgia’s economic development, U.S.
Venezuela says it has deployed a range of weapons, including decades-old Russian-made equipment, and plans to mount guerrilla-style resistance in the event of an air or ground assault particularly from the U.S.
A passenger aircraft from Polish carrier LOT veered off a taxiway at Lithuania's Vilnius airport after arriving from Warsaw on Wednesday, halting all traffic, the airport operator said.
The Hayli Gubbi volcano in Ethiopia’s Afar region erupted on Sunday morning (23 November), covering nearby villages in ash.
At least 36 people have died in a fire that ravaged a residential apartment complex on Wednesday according to John Lee the chief executive of Hong Kong.
Netflix crashed on Wednesday for about an hour in the U.S. as it launched season five of "Stranger Things", with the service becoming inaccessible to many subscribers within minutes of the episodes going live at 8 p.m. local time.
European Union ministers will urge senior U.S. trade officials to implement more elements of the July EU–U.S. trade deal on Monday, including cutting tariffs on EU steel and lifting duties on goods such as wine and spirits.
Google has announced a major update for its Pixel 10 series: owners can now send and receive files with Apple devices using AirDrop, without any collaboration from Apple. The new functionality applies to iPhones, iPads, and macOS devices, though for now it is limited to the Pixel 10 line.
European shares climbed on Thursday, as a relief rally swept through global markets after artificial intelligence (AI) bellwether Nvidia reported strong earnings, while investors awaited the release of delayed U.S. jobs data.
Mainland China and Hong Kong equities slipped on Tuesday, Reuters reported, as investors grew cautious ahead of delayed U.S. economic data expected to clarify the Federal Reserve’s policy outlook.
A federal jury in California ruled on Friday that Apple must pay $634 million to Masimo, a medical-monitoring technology company, for infringing a patent related to blood-oxygen reading technology.
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