The U.S. Department of Commerce released data on Thursday showing that the large-scale tariff hikes under the Trump administration have significantly suppressed trade activity in September. After adjusting for inflation, U.S. imports rose by only 0.6% month-on-month to $342.1 billion; exports increased by 3%. Due to a faster growth in exports than imports, the U.S. trade deficit narrowed from $59.3 billion in August (revised) to $52.8 billion. However, this temporary narrowing of the deficit did not reverse the annual trend. The New York Times pointed out that due to companies' concentrated early imports before the tariffs took effect, the U.S. trade deficit this year has still expanded by more than 17% compared to the same period last year. At the same time, the Supreme Court will rule in the coming weeks on the legality of Trump's tariff authority, which may lead to policy changes. The White House has clearly stated that even if the current tariffs are overturned, the government will continue to impose tariffs on imported goods using other legal authorities.
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Original: toutiao.com/article/1851282186057738/
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