Kiplinger Trade Outlook: The Trade Gap Widens Again

Data for May show that trade likely detracted from U.S. GDP growth this spring.

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The trade deficit is at its highest level since late 2022.
The U.S. trade deficit in goods and services rose to a seasonally adjusted $75.1 billion in May, from a downwardly revised $74.5 billion in April. The trade deficit is a measure of the difference between what the U.S. buys from foreign nations and what it sells overseas. The widening in the trade deficit from the previous month came despite both imports and exports falling slightly. The trade deficit has now widened in eight of the past nine months. A resilient U.S. economy and persistent dollar strength are contributing to a wider deficit this year.

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Rodrigo Sermeño
, The Kiplinger Letter

Rodrigo Sermeño covers the financial services, housing, small business, and cryptocurrency industries for The Kiplinger Letter. Before joining Kiplinger in 2014, he worked for several think tanks and non-profit organizations in Washington, D.C., including the New America Foundation, the Streit Council, and the Arca Foundation. Rodrigo graduated from George Mason University with a bachelor's degree in international affairs. He also holds a master's in public policy from George Mason University's Schar School of Policy and Government.