The US trade deficit shrank more than expected last August
The US trade deficit shrank more than expected in August with a decline in imports, but trade may witness a recession that limits economic growth in the third quarter, revealing the trade gap by 23.8% to reach $59.6 billion.
The Bureau of Economic Analysis and Statistics of the Ministry of Commerce – Market Screen platform, reported today, Wednesday – that economists expected the trade deficit to decline to $61 billion, and imports fell by 5.1% to reach $340.4 billion; While exports rose 0.1% to $280.8 billion.
The office explained that the report, which was initially scheduled to be released on October 7, was postponed due to the 43-day government shutdown that recently ended. President Donald Trump’s protectionist trade policy, characterized by sweeping tariffs, has caused significant fluctuations in imports and the trade deficit, distorting the overall economic picture.
Earlier this month, the US Supreme Court heard arguments about the legality of Trump’s import duties; The justices raised doubts about his authority to impose tariffs under the International Emergency Economic Powers Act of 1977.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and
