Business / Economy

U.S. trade deficit with Japan shrinks 12.6% in May

Kyodo

The United States’ goods trade deficit with Japan shrank 12.6 percent in May from the previous month to $5.49 billion, the U.S. Commerce Department has said.

The deficit with China, meanwhile, expanded 18.7 percent to $33.19 billion, while that with the European Union narrowed 8.6 percent to $13.39 billion, the department said Friday.

Under his “America First” mantra, President Donald Trump has pledged to reduce U.S. trade deficits with Japan and other major trading partners such as China, Mexico and Germany.

Globally, the U.S. deficit in trade of both goods and services narrowed 6.6 percent in the reporting month to $43.05 billion for the third straight month of decrease.

U.S. exports increased 1.9 percent to $215.33 billion, while imports grew 0.4 percent to $258.38 billion.

The global trade figures are measured on a balance-of-payments basis after seasonal adjustment, and the country-by-country and regional breakdowns are based on unadjusted customs-cleared data.