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AFP
Washington
The US trade deficit in October unexpectedly fell to its lowest level in more than a year as Americans imported billions less in autos and consumer goods like toys and mobile phones, according to government data out Thursday.
The reduction in the deficit -- a central goal of President Donald Trump’s aggressive trade agenda -- reflected the decline in the worldwide exchange of goods and services as the global economy weakens.
But it could help lift US economic growth in the final quarter of this year, since deficits subtract from GDP.
Economists said on Thursday however that imports were likely to rise in the coming months as a hit from September’s tariffs on Chinese merchandise recedes and shoppers resume buying.
The overall deficit tumbled 7.6 percent from September’s level to $47.2 billion, which was below what economists had been expecting and the lowest level since May 2018, according to the report.
Washington
The US trade deficit in October unexpectedly fell to its lowest level in more than a year as Americans imported billions less in autos and consumer goods like toys and mobile phones, according to government data out Thursday.
The reduction in the deficit -- a central goal of President Donald Trump’s aggressive trade agenda -- reflected the decline in the worldwide exchange of goods and services as the global economy weakens.
But it could help lift US economic growth in the final quarter of this year, since deficits subtract from GDP.
Economists said on Thursday however that imports were likely to rise in the coming months as a hit from September’s tariffs on Chinese merchandise recedes and shoppers resume buying.
The overall deficit tumbled 7.6 percent from September’s level to $47.2 billion, which was below what economists had been expecting and the lowest level since May 2018, according to the report.
