Reported 1 day ago
In April, the US trade deficit fell dramatically by 55.5% to $61.6 billion, marking the lowest level since September 2023, due to a record drop in imports by 16.3%. The reduction in imports was largely driven by decreased shipments of consumer goods and industrial supplies, attributed to the anticipation of higher tariffs. Despite the sharp contraction in the trade gap, economists suggest it could positively impact GDP growth this quarter, depending on inventory levels.
Source: YAHOO