The U.S. unexpectedly recorded a $27 billion budget surplus in June, reversing last year’s deficit. This improvement reflects stronger customs collections and significant cuts in education spending amid ongoing fiscal challenges.
The U.S. federal government posted a $27 billion budget surplus in June, the Treasury Department reported, thanks largely to a surge in customs revenues and reduced education expenditures.
For the first nine months of fiscal year 2025, running from October 2024 to June 2025, government revenues rose 13% to $526 billion, while expenditures dropped 7% to $499 billion. This contrasts with market expectations of a $41.5 billion deficit and a $71 billion deficit in June last year.
Customs duty revenues, aligned with President Donald Trump’s tariff policies, jumped 301% year-on-year in June, reaching $27 billion and surpassing $100 billion for the fiscal year to date at $113 billion.
Education spending fell by 91% in June compared to the same month last year.
Despite the June surplus, the overall fiscal deficit for the first nine months grew by 5% to $1.34 trillion, compared to $1.3 trillion last year. Revenues for this period increased 7% to $4 trillion, while expenditures rose 6% to $5.35 trillion.
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Israel and Lebanon have agreed to implement a ceasefire after U.S.-backed talks in Washington. The deal requires Hezbollah to halt attacks and withdraw from southern Lebanon, while both sides will resume direct talks later this month aimed at reaching a broader agreement.
A series of signals from Washington, including congressional testimony, a U.S. Embassy statement and a senior diplomat's visit to Tbilisi, has given Georgia's ruling party reason to declare a diplomatic reset. But Washington's message is more nuanced than Tbilisi is suggesting.
Afghan and Uzbek business officials have discussed ways to expand trade, ease transit bottlenecks and address customs challenges facing traders, according to the Afghanistan Chamber of Commerce and Investment (ACCI).
Armenia is set to receive a support package worth more than €50 million ($58.2 million) from the European Union (EU) after Russia, its largest trading partner, imposed restrictions on a range of Armenian exports.
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.
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.
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.
Armenia’s parliamentary election comes at a defining moment for the South Caucasus, a region reshaped by the Garabagh conflict and broader shifts in Russia-West relations. The outcome is increasingly seen as a signal of Armenia’s future foreign policy direction and the regional balance of power.
Global weather forecasters predict a strong El Niño will develop in the second half of 2026, bringing hotter, drier conditions to much of Asia while increasing rainfall in parts of North and South America.
China has criticised planned maritime boundary discussions between Japan and the Philippines, arguing that the waters involved fall within an area where Beijing claims maritime rights and jurisdiction.
U.S. President Donald Trump will attend next month's NATO leaders' summit in Türkiye, ending weeks of uncertainty over whether he would take part in a gathering expected to focus on the future of the alliance.
All 27 European Union (EU) member countries have agreed to begin the first set of talks with Ukraine and Moldova about joining the political and economic bloc.
Germany's foreign minister Johann Wadephul has suggested that Berlin's strong backing of Ukraine and its close ties with Israel may have contributed to its failure to secure a seat on the United Nations Security Council.
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