U.S. Commodity Trade Deficit Expands to $105.8B in May, Largest in Over One Year

According to U.S. Commerce Department data released on June 26, the U.S. commodity trade deficit expanded 27.4% month-over-month to $105.8 billion in May, the largest since May 2025, as exports declined while imports rose. The figure exceeded market estimates of $85 billion.

Separately, the University of Michigan consumer confidence index reached 49.5 in June, up from 48.9 in May, as gasoline prices moderated. Additionally, the EU announced plans to impose a 15% export tax on aluminum scrap starting September 9 to prevent shipments to the U.S. and Asia. In energy markets, OPEC has begun restoring Iraq's pre-war production quota to support sector recovery.