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November 5, 2024
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US trade deficit grows sharply in September

US trade deficit grows sharply in September

Economists polled by Reuters had forecast the trade deficit would rise to $84.1 billion, from $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 immersed in a tight race for the White House with vice president and Democratic Party candidate Kamala Harris.

Trade subtracted 0.56 percentage points from Gross Domestic Product in the third quarter and has been a drag on economic growth for three consecutive quarters. The economy grew at an annualized rate of 2.8% in the July-September quarter.



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