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.
Russia and Ukraine have carried out another prisoner exchange under the June 2 Istanbul agreement, with both sides confirming the swap on Friday....
President Ilham Aliyev received UAE Minister Sultan Al Jaber in Khankendi on July 4, with both sides praising strong bilateral ties and exploring futu...
Azerbaijan and Turkmenistan held talks in Khankendi to strengthen bilateral ties and explore cooperation across multiple sectors....
A state of emergency has been declared in parts of Crete’s Ierapetra region after a destructive wildfire scorched farmland, forced evacuations, and ...
President of Uzbekistan Shavkat Mirziyoyev met with Mullah Abdul Ghani Baradar, Acting Deputy Prime Minister of Afghanistan for Economic Affairs, on t...
Azerbaijan and Turkmenistan held talks in Khankendi to strengthen bilateral ties and explore cooperation across multiple sectors.
Indonesia's Mount Dukono erupted again, sending a thick ash plume 1,100 meters into the sky, as volcanic activity intensifies across the region.
Azerbaijani President Ilham Aliyev met with Pakistani Prime Minister Muhammad Shehbaz Sharif in Khankendi, highlighting strong bilateral ties and regional cooperation.
The Kremlin says it is closely watching U.S. President Donald Trump’s statements after he expressed disappointment with his latest call with Russian President Vladimir Putin regarding the Ukraine war.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
The European Union will drastically reduce imports of Ukrainian wheat and sugar, by up to 80%—to protect its farmers, a move expected to shift Ukraine's exports toward Asia and Africa.
The Bank of England has launched a public consultation on future banknote designs.
Unexpected weakness in Germany's manufacturing orders in May signals ongoing uncertainty in industrial demand, despite a yearly rise and sector-specific gains.
Oil futures fell on Friday after Iran reaffirmed its commitment to nuclear non-proliferation and amid expectations that major producers are set to agree to raise their output this weekend.
Russia actively shifted its trade focus away from Europe and the United States, redirecting it toward markets in friendly countries—primarily China, India, Central Asia, Africa, and the Middle East. The share of these countries in Russia's foreign trade has increased from 46% to 82%.
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