The U.S. trade deficit fell 6% on a year earlier in May, the first decline since February 2017. That can be counted as a success for the Trump administration’s trade policy given it has specifically targeted the trade deficit. Around one third of the improvement was due to a drop in the goods deficit, though with a 13% rise in exports there are risks from the retaliatory duties being applied by China, the EU, Canada and Mexico among others. The remainder of the decline in the deficit was due to a 7% increase in the services surplus, led by a 12% rise in banking and investment management ...