Surging imports and a rare decline in exports spiked the U.S. trade deficit to its highest level in more than a year. The goods and services deficit jumped to $77.6 billion in May, a tad less than expected, from a downwardly revised $54.6 billion in April. Despite tariffs, the trade deficit has returned to levels of late 2024, before importers began front-loading purchases, suggesting little overall progress in shrinking the trade gap. Front-loading ahead of potential Section 301 duties may have contributed to a 3.3% leap in imports in May. For a change, the increase wasn't led by surging purchases of computer ... (full story)