US trade deficit falls to $52.5 billion in September
Retail Industry Leaders Association COO Brian Dodge discusses how U.S.-China trade relations are affecting retailers and costs.
WASHINGTON — The U.S. trade deficit fell in September to the lowest level in five months as imports dropped more sharply than exports and America ran a rare surplus in petroleum.
US, CHINA REPORTEDLY CONSIDER ROLLING BACK TARIFFS TO GET INITIAL TRADE DEAL DONE
The Commerce Department said Tuesday that the September gap between what America buys from abroad and what it sells shrank by 4.7% to $52.5 billion. That was down from the August deficit of $55 billion and was the smallest imbalance since April.
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The politically sensitive deficit with China edged down 0.6% to $31.6 billion.
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President Donald Trump has imposed tariffs on more than $360 billion in Chinese imports. China has retaliated with its own tariffs on American products as the world's two largest economies have engaged in a trade war that has rattled global financial markets and slowed economic growth.