US trade gap narrows in June but misses expectations

On Tuesday, the US government reported that the country's trade deficit had narrowed slightly in June, according to data released by the authorities. The overall trade gap stood at US$73.3 billion, a 5.6 percent decrease from May, driven by a larger reduction in imports compared to exports. The figures fell short of expectations, as Briefing.com had predicted the deficit to be US$69.6 billion.

President Donald Trump has been striving to reshape the global trade landscape since his inauguration a year ago, implementing a series of tariffs on both allies and adversaries. Some of these duties have been challenged in court, leading to their withdrawal. Recently, Trump's latest tariff move encountered a legal challenge in the New York-based Court of International Trade.

In June, imports totaled US$388 billion, a reduction of US$7.3 billion from the previous month, while exports fell by US$2.9 billion compared to May. The most significant drop in exports was seen in crude oil and fuel oil, as energy prices declined following successful negotiations in the US-Iran conflict in June. The Iran conflict has disrupted global energy markets, as Tehran's retaliatory actions have effectively closed the Strait of Hormuz, through which approximately one-fifth of the world's oil and gas pass.

Iran has also targeted US allies in the Gulf with missile and drone attacks, affecting crucial energy production facilities.

Since the beginning of 2026, the US goods and services deficit has decreased by 33.8 percent compared to the same period in 2025, largely attributed to an 11.7 percent increase in exports.