The U.S. trade deficit unexpectedly narrowed in April as imports and exports tum...
WASHINGTON - The U.S. trade deficit unexpectedly narrowed in April as imports and exports tumbled, leading economists to warn that the Trump administration’s “America First” agenda was curbing trade between the United States and the rest of the world.
Last week, Trump announced he would impose a tariff on all goods from Mexico in a bid to stem the tide of illegal immigration across the U.S.-Mexican border. Negotiations are ongoing to prevent the duties from kicking in at 5% on June 10. The politically sensitive goods trade deficit with China surged 29.7% to $26.9 billion. The gap with Mexico fell 14.1% to $8.2 billion in April. Washington has secured a trade pact with Mexico and Canada, but there are fears it could be scuttled by Trump’s intention to impose duties on Mexican goods.
Federal Reserve Chairman Jerome Powell said on Tuesday the central bank was closely monitoring the implications of the trade tensions on the economy and would “act as appropriate to sustain the expansion.” Goods exports tumbled 3.1% to $136.9 billion in April. The largest drop since January 2015 was led by a $2.3 billion plunge in civilian aircraft exports. Boeing in March suspended deliveries of its 737 MAX jet after the aircraft was grounded indefinitely following two deadly crashes in five months. Production of the troubled plane has been cut.
When adjusted for inflation, the goods trade deficit fell to $81.9 billion in April from $83.00 billion in the prior month. The drop in the so-called real goods trade deficit suggested that trade could add to economic growth this quarter.
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