April-October US Trade Deficit Shrinks 25 Percent—How Did This Happen?

While tariffs are restructuring global commerce, they are also impacting the trade deficit.

Truckers transport cargo in the Port of Long Beach, Calif., on Nov. 29, 2023. John Fredricks/The Epoch Times

Since President Donald Trump unveiled the contours of his global tariff plans, the U.S. trade deficit has registered a sharp turnaround after years of staggering trade imbalances.

In October, the goods and services trade deficit declined by 39 percent from the previous month to $29.4 billion—the smallest monthly deficit in 16 years.