The US trade deficit narrowed in June to the tightest since September 2023 as companies scaled back on imports after a massive tariff-front-running surge earlier in the year.

The goods and services trade gap shrank 16% from the prior month to $60.2 billion (slightly better - smaller - than the $61 billion expected)...

Source: Bloomberg

The value of imports fell 3.7% MoM while exports contracted by 0.5% MoM...

Source: Bloomberg

Total imports fell to their lowest since March 2024 while exports dropped to their lowest since January 2025...

Source: Bloomberg

Gold imports plunged to their lowest since 2019...

Source: Bloomberg

Finally, we note that China trade has been wild!!

Which together make for the smallest trade deficit with China since February 2004...

As a reminder, these figures aren’t adjusted for inflation.

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