Supply Chain Research

The U.S. merchandise trade deficit fell 7.7% year over year in September to reach $70.4 billion. A lower deficit is a key marker for the Trump administration that its tariff-led trade policies are working. Yet, total U.S. trade slumped 4.0% lower – the worst rate of decline since May 2016. A 4.6% slide in imports was largely down to an increase in tariff coverage of imports from China to 69.0% of all imports from China in September from 38.0% a month earlier. The capital goods sector has seen the rapid downturn with a 6.3% slide in imports and a 4.8% drop in exports – both are negative s...