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... Data for April was revised to show the trade deficit narrowed to $60.3 billion rather than the previously reported $61.6 billion. Economists polled by Reuters forecast the deficit would rise to $71.0 billion.

The trade deficit chopped off a record 4.61 percentage points from gross domestic product in the first quarter, accounting for much of the 0.5% annualized pace of decline in GDP during that period. A reversal is expected in the second quarter, though the anticipated boost from trade is likely to be partially offset by tepid consumer spending.

President Donald Trump's sweeping tariffs, which have led businesses and households to front-load imports and goods purchases to avoid higher prices from duties, have muddled the economic picture. Economists warned it could take time for the tariff-related distortions to wash out of the economic data.

The goods trade deficit increased 13.0% to $97.5 billion in May. Imports dipped 0.1% to $350.5 billion. Goods imports also eased 0.1% to $277.7 billion. Consumer goods imports decreased by $4.0 billion, pulled down by declines in other textile apparel and household goods as well as toys, games and sporting goods. But imports of pharmaceutical preparations increased. ...