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.
Environmental ministers and senior officials from member states of the Economic Cooperation Organization (ECO) gathered in Samarkand for the 6th ECO M...
An Iranian drone and missile attack struck Kuwait International Airport early Wednesday, injuring several people, damaging Terminal 1 and forcing flig...
Afghanistan’s Deputy Minister for Counter-Narcotics has urged the United Nations Office on Drugs and Crime (UNODC) to expand support for legal livel...
Turkish and Armenian leaders reiterated their commitment to normalising relations during a phone call on Tuesday, discussing plans to deepen cooperati...
The United Kingdom has begun using SpaceX's Starshield satellite network for military operations, according to people familiar with the matter, markin...
Environmental ministers and senior officials from member states of the Economic Cooperation Organization (ECO) gathered in Samarkand for the 6th ECO Ministerial Meeting on Environment, the first such meeting in 12 years.
An Iranian drone and missile attack struck Kuwait International Airport early Wednesday, injuring several people, damaging Terminal 1 and forcing flight diversions, Kuwaiti authorities said.
A series of military drones entering the airspace of Finland and the Baltic states has heightened concerns that the war in Ukraine is increasingly affecting NATO’s northern flank. The incidents have triggered security alerts, air defence responses and political fallout across the region.
At least 21 people, including 18 foreign nationals, have died after a devastating fire swept through a hotel in India's capital, Delhi, on Wednesday. The blaze is among the deadliest fires recorded in the city since 2022.
Severe Tropical Storm Jangmi brought heavy rain, power cuts and transport disruption across Japan on Wednesday (3 June) as it tracked towards the greater Tokyo region.
Police officers were pelted with missiles during violent clashes at a protest near the Southampton, UK, home of convicted murderer Vickrum Digwa, as anger continued to grow over the handling of the fatal stabbing of 18-year-old Henry Nowak.
Competing narratives continue to shape perceptions of the war in Ukraine, with Russian leadership suggesting a possible end phase while Ukrainian officials warn of renewed large-scale attacks and ongoing escalation risks.
An Iranian drone and missile attack struck Kuwait International Airport early Wednesday, injuring several people, damaging Terminal 1 and forcing flight diversions, Kuwaiti authorities said.
Thousands of people have taken to the streets in Albania in recent days to protest against a luxury tourism project linked to Jared Kushner, the son-in-law of U.S. President Donald Trump, and his wife Ivanka Trump.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
Kevin Warsh will be sworn in as chair of the U.S. Federal Reserve on Friday as policymakers consider higher interest rates to tackle inflation linked to the Trump administration’s Iran policy.
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