The U.S. trade deficit jumped to a five-month high in May as imports of goods in...
WASHINGTON - The U.S. trade deficit jumped to a five-month high in May as imports of goods increased, likely as businesses restocked ahead of an increase in tariffs on Chinese merchandise, eclipsing a broad rise in exports.
The goods trade deficit with China, a focus of President Donald Trump’s “America First” agenda, increased 12.2% to $30.2 billion, with imports rising 12.8%. Trump recently raised additional import tariffs on Chinese goods, prompting Beijing to retaliate. In May, goods imports increased 4.0% to $217.0 billion. Imports of consumer goods rose $1.4 billion, while those of motor vehicle and parts soared $2.3 billion to a record high. There were also big increases in imports of capital goods and industrial supplies and materials.
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