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.
The death toll from Sunday’s powerful earthquake in eastern Afghanistan has risen above 2,200, with search and rescue operations ongoing. Local offi...
Colton Herta, nine-time IndyCar race winner, is set to compete in Formula Two next year while also taking on a test driver role for Cadillac....
The Federal Aviation Administration (FAA) has announced plans to propose updates to the certification process for new commercial aircraft, according t...
The United States has warned other countries that recognising a Palestinian state could lead to greater complications, U.S. Secretary of State Marco R...
The death toll from Sunday’s powerful earthquake in eastern Afghanistan has risen above 2,200, with search and rescue operations ongoing. Local officials warn that many people remain trapped under rubble, and the number of fatalities is likely to climb further.
Colton Herta, nine-time IndyCar race winner, is set to compete in Formula Two next year while also taking on a test driver role for Cadillac.
The Federal Aviation Administration (FAA) has announced plans to propose updates to the certification process for new commercial aircraft, according to a notice released by the Trump administration on Thursday.
Rising concerns over the U.S. economy and ongoing tariff disputes have put global government bonds under selling pressure, experts say. Donald Trump’s push for interest-rate cuts, combined with a major spending bill, has shaken investor confidence, sending bond prices down while yields rise.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
A recent Federal Reserve Bank of New York (New York Fed) study reveals that while the use of artificial intelligence (AI) among businesses has grown significantly over the past year, very few companies have carried out AI-related layoffs.
Rising concerns over the U.S. economy and ongoing tariff disputes have put global government bonds under selling pressure, experts say. Donald Trump’s push for interest-rate cuts, combined with a major spending bill, has shaken investor confidence, sending bond prices down while yields rise.
Access to Google services was restored Thursday after a region-wide outage cut off millions of users across dozens of countries, with disruptions reported in platforms including YouTube, Gmail and Maps.
The pound and the yen came under strain on Wednesday, weighed down by renewed investor concerns over global fiscal health and political uncertainty in Japan.
The price of gold surged sharply on Wednesday, reaching a new record of $3,530.08 per ounce. Analysts say the rise is driven by expectations of a U.S. Federal Reserve (Fed) rate cut in September and concerns over the central bank’s independence.
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