U.S. trade gap shrinks to lowest level since 2009 as imports fall

January 8, 2026

TL;DR

The U.S. trade deficit fell 39% to $29.4 billion in October, the lowest since 2009.
Imports dropped by 3.2%, while exports rose slightly.
This decrease is attributed to President Trump's tariffs, which led businesses to front-load imports.
Swings in gold and pharmaceutical trade, along with higher computer imports, also contributed.
The release of trade data was delayed by a government shutdown.
Consumers face an average effective tariff rate of over 16%, the highest since the 1930s.
A Supreme Court ruling on the legality of Trump's tariffs could result in billions in refunds for businesses.

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