The U.S. trade deficit was halved due to the big dump in imports caused by Trump's tariffs.

On June 5, the U.S. Commerce Department said on Thursday that the U.S. trade deficit plummeted 55.5% to $61.6 billion in April. U.S. imports fell 16% from March to $351 billion in April, while exports rose 3% to $289.4 billion. This brings the trade deficit to $61.6 billion, the smallest since September 2023. Imports of consumer goods fell by $33 billion in April, with pharmaceutical imports falling sharply. Imports of automobiles decreased by $6.4 billion. Data shows a significant initial effect of the White House’s aggressive tariff hike in early April, but the future direction is unclear. ( gold ten )