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U.S. trade deficit drops 24% in August as Trump’s tariffs reduce imports
- In August, the Commerce Department reported the United States trade deficit fell nearly 24% to $59.6 billion as imports declined 5.1% to $340.4 billion and exports edged up to $280.8 billion.
- Those tariffs, implemented Aug. 7, raised the U.S. effective tariff rate to more than 18%, sharply reducing imports, officials and data show.
- Nonmonetary gold and certain capital goods drove the import decline, led by drops in computer accessories and communications equipment, while trade with Switzerland and Canada shifted noticeably.
- The delayed Commerce Department report showed a bigger narrowing than markets expected, arriving after Wall Street forecast a $60.3 billion deficit, which economists say will boost third-quarter GDP.
- Despite August's swing, broader 2025 trends and court challenges complicate the outlook as the trade deficit through August $713.6 billion rises 25%, while the U.S. Supreme Court weighs legal challenges to tariffs.
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U.S. int'l trade deficit narrows in August as gold imports dive
NEW YORK, Nov. 19 (Xinhua) -- U.S. international trade deficit shrank 23.8 percent month on month in August to 59.6 billion U.S. dollars as the imports of non-monetary gold saw a sharp decrease from July, according to data issued by the U.S. Department of Commerce on Wednesday. Read full story
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Coverage Details
Total News Sources58
Leaning Left13Leaning Right6Center30Last UpdatedBias Distribution61% Center
Bias Distribution
- 61% of the sources are Center
61% Center
L 27%
C 61%
12%
Factuality
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