U.S. August Trade Data Released, Trump Tariff Impact on Imports
AFP, Washington, 19th - The United States released its August trade data today, with the trade deficit shrinking more than expected against the backdrop of companies reducing imports due to high tariffs.
The report released today by the U.S. Department of Commerce stated that President Donald Trump raised tariffs on multiple trading partners, which hit U.S. imports in August.
Total U.S. imports fell 5.1% to $340.4 billion in August; goods imports decreased by $18.6 billion. The items that declined included industrial supplies and materials, as well as consumer products.
Exports, on the other hand, rose slightly by 0.1% to $280.8 billion, due to an increase in service items.
This report was delayed until today due to the previous shutdown of the U.S. government. After the government shutdown ended last week, operations have been gradually restored, and key employment data for September is expected to be released on the 20th.
The overall U.S. trade deficit in August narrowed to $59.6 billion, a larger reduction than analysts had expected, mainly due to a significant drop in goods imports.
Meagan Schoenberger, a senior economist at KPMG, said, "New trade policy changes took effect in August," including increased tariffs on dozens of U.S. trading partners. She also added, "Wholesalers accelerated inventory digestion to compensate for the decline in imports."
This year, Trump's rapidly changing tariff policies have significantly affected trade, with many importers stockpiling goods before tariff increases.
Schoenberger pointed out, "Due to ongoing legal challenges and trade negotiations, we expect uncertainty to continue."
Original: www.toutiao.com/article/1849249102496768/
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