The United States Trade Deficit Dropped In May To The Lowest Level In 19 Months As Exports Rose To A Record Level.
The Department of Commerce announced the May trade deficit — the difference between what America sells and what it buys in foreign markets — decreased 6.6 percent to $43.1 billion — the smallest imbalance since October 2016.
Exports climbed 1.9 percent to a record $215.3 billion. Imports were up a smaller 0.4 percent to $258.4 billion.
The Trump administration followed through with imposing tariffs on $34 billion in Chinese products on Friday. China retaliated in kind, starting what Beijing described as the “biggest trade war in economic history.”- READ MORE
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