・The latest data shows the U.S. trade deficit declined 39% to $29.4 billion in October, an unexpected drop.
・Trump hails the reading as a testament to his economic policies.
・Imports decreased 3.2% while exports increased 2.6% for the month.
U.S. President Donald Trump on Thursday hailed the latest economic data showing a sharp narrowing of the country’s trade deficit, calling it “a direct result of the tariffs,” ahead of a keenly watched Supreme Court ruling on his move that took markets by storm in April last year.
The U.S. trade gap narrowed 39% to $29.4 billion in October, the lowest level since June 2009, the Commerce Department’s Bureau of Economic Analysis and Census Bureau said on Thursday. The figure – markedly lower than the $58 billion economists expected in a Reuters poll – shows that the U.S. is relying less on imports than on exports, which can support domestic production, jobs, and economic growth.