Trump's Tariffs Sent Trade Plummeting in August

Core Insights - The steep tariffs imposed by President Trump in August have resulted in a significant contraction in imports and a reduction in the trade deficit [1] Summary by Categories Trade Impact - The tariffs have led to a notable decrease in import levels, indicating a shift in trade dynamics [1] - The trade deficit has contracted as a direct consequence of these tariffs, reflecting changes in the balance of trade [1]