US trade deficit takes biggest tumble in eight months

The US trade deficit fell by the most in eight months in September as imports of autos, mobile phones and other electronics retreated after the pre-tariff surge in August, according to government data Tuesday.

Total exports also fell as the world’s appetite for key American products, including politically-sensitive soy beans, continued to slacken and Boeing’s travails dragged on, the Commerce Department reported.

The US trade gap, the shortfall between what Americans buy from abroad and what they sell in foreign markets, fell 4.7 per cent to $52.5 billion, which matched economists’ expectations but was the biggest tumble since January.

US President Donald Trump in September piled even more tariffs on China, jacking up duties on more than $100 billion in Chinese goods, likely prompting an surge in buying in the previous month to lock-in lower prices — which widened the trade gap in August.

Recent media reports indicate US and Chinese officials are considering a roll-back of some tariffs as they work to finalize a partial deal to end the trade war Trump began last year.

US exports fell 0.9 per cent in September to $206 billion as international sales of soy beans, passengercars and trucks together fell $2.5 billion.

This was slightly offset by higher exports of aircraft and aircraft engines.

Imports fell 1.7 per cent to $258.4 billion, the report said. Ahead of the holiday shopping period, purchases of toys, games, artwork and collectibles fell, as did foreign purchases of trucks, buses, semiconductors, autos and parts.

American oil producers also notched their first petroleum trade surplus since current records began more than 40 years ago.

 

US trade deficit takes biggest tumble in eight months

The US trade deficit fell by the most in eight months in September as imports of autos, mobile phones and other electronics retreated after the pre-tariff surge in August, according to government data Tuesday. Total exports also fell as the worlds appetite for key American products, including politically-sensitive soy beans, continued to slacken and Boeings travails dragged on, the Commerce Department reported. The US trade gap, the shortfall between what Americans buy from abroad and what they sell in foreign markets, fell 4.7 per cent to $52.5 billion, which matched economists expectations but was the biggest tumble since January. US President Donald Trump in September piled even more tariffs on China, jacking up duties on more than $100 billion in Chinese goods, likely prompting an surge in buying in the previous month to lock-in lower prices which widened the trade gap in August. Recent media reports indicate US and Chinese officials are considering a roll-back of some tariffs as they work to finalize a partial deal to end the trade war Trump began last year. US exports fell 0.9 per cent in September to $206 billion as international sales of soy beans, passengercars and trucks together fell $2.5 billion. This was slightly offset by higher exports of aircraft and aircraft engines. Imports fell 1.7 per cent to $258.4 billion, the report said. Ahead of the holiday shopping period, purchases of toys, games, artwork and collectibles fell, as did foreign purchases of trucks, buses, semiconductors, autos and parts. American oil producers also notched their first petroleum trade surplus since current records began more than 40 years ago.