The U.S. trade deficit, a longtime irritant to , fell to a three-year low of $43.1 billion in November, according to new Commerce Department data released Tuesday.
The 8.2 percent decline in the trade deficit followed a $2.5 billion drop in imports, paired with a $1.4 billion increase in exports from October.
The latest figures suggest an overall deficit drop in 2019, which saw a slight, $0.1 billion drop in exports in the first 11 months while imports dropped $3.9 billion as compared to the same period in 2018.
During Trump's tenure, the monthly deficit rose as high as $60.8 billion last December and waded through similar lows in the $43 billion range throughout 2017.
The last time the trade deficit hit $43.1 billion was the month before his election in 2016.
Trump has sought to remake America's trade relationship, initiating a severe trade war with China and imposing tariffs on key trade partners and pushing to renegotiate trade deals.
The Senate is expected to pass an update to the North American Free Trade Agreement as early as this week, and Trump said he would sign a preliminary trade deal with China on Jan. 15.
https://thehill.com/policy/finance/477098-deficit-falls-to-3-year-low-of-431-billion
The 8.2 percent decline in the trade deficit followed a $2.5 billion drop in imports, paired with a $1.4 billion increase in exports from October.
The latest figures suggest an overall deficit drop in 2019, which saw a slight, $0.1 billion drop in exports in the first 11 months while imports dropped $3.9 billion as compared to the same period in 2018.
During Trump's tenure, the monthly deficit rose as high as $60.8 billion last December and waded through similar lows in the $43 billion range throughout 2017.
The last time the trade deficit hit $43.1 billion was the month before his election in 2016.
Trump has sought to remake America's trade relationship, initiating a severe trade war with China and imposing tariffs on key trade partners and pushing to renegotiate trade deals.
The Senate is expected to pass an update to the North American Free Trade Agreement as early as this week, and Trump said he would sign a preliminary trade deal with China on Jan. 15.
https://thehill.com/policy/finance/477098-deficit-falls-to-3-year-low-of-431-billion
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