Imports Drop Sharply in August, Narrowing US Trade Deficit

President Donald Trump’s tariffs helped narrow the U.S. trade deficit in August as imports contracted more than 5 percent, new government data show. The trade gap plummeted by nearly 24 percent to $59.6 billion, down from $78.2 billion, according to a report released by the Department of Commerce’s Bureau of Economic Analysis on Nov. 19 This came in below economists’ expectations of a $61 billion trade imbalance. The report was initially scheduled for release on Oct. 7, but the 43-day government shutdown prevented its publication. Imports declined by 5.1 percent to $340.4 billion, driven primarily by a $9.3 billion drop in nonmonetary gold purchases. Government data revealed broad-based declines, including in foreign purchases of computer accessories, transportation, telecommunications equipment, and jewelry....