Hello and welcome to World Business Report from the BBC World Service.
I'm Leanna Byrne and on this edition, Nigeria signs off on sweeping tax reforms.
The government says it'll boost growth and cut red tape, but not everyone's convinced.
In my opinion, if you're going to increase taxes,
then make sure that you're also creating an environment that businesses can grow,
can expand and can do well.
In the US, economic data paints a gloomy picture.
The economy shrank last quarter and jobless claims are climbing.
And after 37 years at the helm,
Anna Wintour is stepping back as editor-in-chief of US Vogue.
We'll look at her business legacy and what it means for the fashion industry.
But first, let's start with the world's largest economy, the US.
New figures out today show the gap between what the US exports and what it imports widened sharply in May to 96 billion dollars.
That's the biggest monthly trade deficit in over a year.
Then on top of that,
President Donald Trump in the last hour told an audience that the United States has signed an agreement with China on Wednesday related to trade,
but he did not specify what he was talking about.
But first, let's talk about this trade deficit.
Michelle Fleury is our US business correspondent and she explained what's behind the widening divide.
This is at a time when you've got Donald Trump in the White House essentially saying that he does not like trade deficits and a lot of his tariff policy and protectionist trade measures that he's introduced is designed to try and reduce that trade deficit.