U.S. trade deficit jumps 8.4% in May to highest mark of 2019 on surge in auto imports

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U.S. trade deficit jumps 8.4% in May to highest mark of 2019 on surge in auto imports
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U.S. trade deficit wider in May than at any other point in 2019

The deficit rose to $55.5 billion from a revised $51.2 billion in April, the government said Wednesday. That’s the biggest gap since December.Read: Weak unions, globalization not to blame for shrinking slice of income pie for workers

Soy exports are running slightly ahead of last year’s pace, suggesting farmers have somewhat recovered from disruptions caused by U.S.-China trade tensions. China is a big buyer of Midwestern soy. The trade gap with China rose slightly in May to $31.1 billion, but it’s running behind last year’s pace owing to U.S. tariffs.

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