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US goods exports tumbled in May by the most since the coronavirus crisis in 2020, as trading partners throttled their purchases of American goods in the wake of President Donald Trump’s “liberation day” tariff blitz.
Exports tallied $179.2bn in May, a $9.7bn — or 5.2 per cent — drop from the previous month’s figure, according to Census Bureau data released on Thursday. That marked a reversal from an increase of 3.5 per cent in April.
The figures are among the latest to show the distortion in trade caused by the anticipation, and execution, of the US president’s announcement on April 2 to slap tariffs on trading partners. Some of Trump’s steepest levies were paused, but others, including a universal 10 per cent tariff, have gone into effect. There are also numerous other sector-specific tariffs, including on key industrial metals.
Imports in May held steady, resulting in the international trade goods deficit widening more than forecast by Wall Street economists to $96.6bn. But this followed their biggest monthly drop on record in April as the levies prompted companies to slow shipments to the world’s largest economy. Businesses had rushed, though, to buy foreign goods before the tariffs came into effect.
This is a developing story
