US trade deficit widens sharply in September
by Reuters Nov 05, 2024
The U.S. trade deficit widened sharply in September as businesses boosted imports to meet robust domestic demand and in anticipation of higher tariffs on goods.
The trade gap increased 19.2% to $84.4 billion from a revised $70.8 billion in August also as exports fell, the Commerce Department's Bureau of Economic Analysis said on Tuesday. Economists polled by Reuters had forecast the trade deficit swelling to $84.1 billion from the previously reported $70.4 billion in August.
Republican candidate Donald Trump has promised to impose a 60% tariff on Chinese goods and at least a 10% levy on all other imports if he wins Tuesday's presidential election. Trump is locked in a tight race for the White House with Vice President and Democratic Party nominee Kamala Harris.
Trade subtracted 0.56 percentage point from gross domestic product in the third quarter. It has been a drag on economic growth for three straight quarters. The economy grew at a 2.8% annualized rate in the July-September quarter.
Reuters
Similar Stories
Avocados will continue strong surge in 2025 and beyond
View Article
Forecast 2025: A welcome economic rebound
View ArticleU.S. International Investment Position, 3rd Quarter 2024
The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$23.60 trillion at the end of the third quarter of 2024, according to…
View ArticlePhiladelphia CBP Officers intercept $1.4M in counterfeit PA vehicle inspection decals from Israel
U.S. Customs and Border Protection officers recently seized 22,000 counterfeit Pennsylvania vehicle inspection stickers that were shipped from Israel to an address in Philadelphia. The fake inspection stickers were assessed…
View ArticleCBP Senior Official performing duties of Commissioner delivers trade advisory committee opening remarks
The Commercial Customs Operations Advisory Committee (COAC) held the fourth public meeting of its’17th Term Dec. 11 in Washington, DC. Troy A. Miller, U.S. Customs and Border Protection (CBP) Senior…
View ArticlePreliminary U.S. imports for consumption of steel products November 2024
The U.S. Census Bureau announced today that preliminary November steel imports were $2.3 billion (1.9 million metric tons) compared to the preliminary October totals of $2.5 billion (2.2 million metric…
View ArticleGet the most up-to-date trending news!
SubscribeIndustry updates and weekly newsletter direct to your inbox!
Follow us on social media:
