The United States trade deficit — the amount by which the value of a nation’s imports exceeds its exports — contracted to $59.6 billion in August, reported Forbes citing figures released by the Bureau of Economic Analysis (BEA) on Wednesday.

The latest data represents the narrowest gap as compared to $58.3 billion in October 2023. It marks a 24 per cent fall from the $78.2 billion deficit seen in July. Also Read | Wall Street rebounds ahead of Nvidia earnings, Alphabet jumps 5%

The notable contraction was primarily driven by a 5.1 per cent decline in imports, the largest dip in four months, while exports rose marginally 0.1 per cent, the BEA reported.

Tariffs and Economic Impact

The data arrives in the context of the far-reaching tariffs announced by President Donal

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