After tariff hikes, U.S. records lowest trade deficit since 2009

The United States’ trade deficit fell sharply in October, reaching its lowest level since 2009, in the wake of sweeping tariff hikes imposed by President Donald Trump on imported goods from countries around the world.

The U.S. trade balance contracted by 39% during the period, with the deficit narrowing to US$29.4 billion, well below analysts’ expectations of a US$58.4 billion deficit.

The sharp contraction was driven by a 3.2% decline in imports, which totaled US$331.4 billion in October, while exports increased by 2.6%, reaching US$302 billion.

According to the Department of Commerce, the reduction in imports was mainly due to consumer goods, which fell by US$14 billion, with pharmaceutical products leading the decline.

Source: Terra

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