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.
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Iran's Revolutionary Guards Navy said a Togo-flagged oil tanker was struck while attempting to make an “illegal passage” through the Strait of Hormuz, Iranian state media said early on Friday.
Saudi civil defence sent an all-clear on Saturday after issuing alerts for a second time for potential danger in Riyadh and the city of Al-Kharj east of the capital, amid an uptick in attacks by Iran-aligned Houthis on the Gulf country.
The European Union will disburse €3.3 billion ($3.8 billion) to Ukraine for missiles and drones, European Commission President Ursula von der Leyen said after a phone call with Ukrainian President Volodymyr Zelenskyy.
The U.S. State Department approved a $2.7 billion military sale to Ukraine for air-defence development upgrades, along with related equipment and services, the department said. Meanwhile, Ukrainian authorities reported at least 10 people had died in Russian attacks over the last 24 hours.
Houthi attacks target Riyadh amid concerns over Saudi oil supplies, as Iran says it will not reopen the Strait of Hormuz until its conditions are met and U.S. commitments are implemented, parliament speaker Mohammad Bagher Ghalibaf said on Sunday.
Warren Buffett has stepped down as chairman of Berkshire Hathaway, marking the end of one of the most influential leadership tenures in corporate history and completing a succession process that has been years in the making.
Nigerian billionaire Aliko Dangote launched Africa's biggest-ever share sale on Monday, opening the oil refinery that has remade the country's fuel market to public ownership for the first time.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
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