The U.S. trade deficit narrowed by 2.8% in May to $55.3 billion, the Commerce Department reported Tuesday. The trade gap was below the consensus forecast of Wall Street economists of a deficit in May of $57.0 billion. The improvement in the trade gap should be a boost to GDP in the second quarter. Exports rose to a new record, while imports slipped in the month. The U.S. trade deficit with China widened to $15.8 billion in May compared with $12.2 billion in the same month last year.