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, overshadowing 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 imposed additional import tariffs on Chinese goods, after a breakdown in negotiations, prompting Beijing to retaliate. In May, goods imports increased 4.0% to $217.0 billion. Apart from drawing more imports from China, imports from the European Union, Mexico and Canada increased to record highs in May. Imports of consumer goods rose $1.4 billion, while those of motor vehicle and parts soared $2.3 billion to an all-time high.
Trade contributed 0.94 percentage point to the economy’s 3.1% annualized growth pace in the first quarter. The Atlanta Fed is forecasting gross domestic product rising at a 1.5% rate in the April-June quarter.
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