June 5, 2025
United States:
US Trade Deficit Narrows by Most on Record as Imports Plunge
The US trade deficit narrowed in April by the most on record on the largest-ever plunge in imports, illustrating an abrupt end to the massive front-loading of goods by some companies ahead of higher tariffs.
The gap in goods and services trade shrank 55.5% from the prior month, to $61.6 billion, the smallest since 2023 and more than completely reversing the sharp widening that occurred in the first quarter, Commerce Department data showed Thursday.
Europe:
Lagarde Says ECB Is Nearing End of Cycle After Eighth Rate Cut
The European Central Bank is coming to the end of its campaign of interest-rate cuts following its eighth reduction in a year, according to President Christine Lagarde.
With the euro-zone economy suffering repeated blows from US tariffs, the deposit rate was lowered by a quarter-point to 2% on Thursday — as predicted by all analysts in a Bloomberg survey.
Asia:
China’s Services Activity Picked Up After Truce in Trade War
China’s services activity expanded at a faster pace in May, a private survey showed, in a sign the consumer economy is stabilizing while higher US tariffs threaten demand for exports.
The Caixin China services purchasing managers’ index rose to 51.1 from 50.7 the previous month, according to a statement from Caixin and S&P Global on Thursday, slightly higher than forecast.
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