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US imports of goods from Asia fell in September as President Donald Trump's tariffs weighed on transpacific trade, narrowing the goods deficit with Asian nations by 5.3 per cent to US$61 billion, reported Saint Petersburg's PortNews.
The global goods deficit widened as higher imports from the EU, Mexico and Canada offset the slowdown in Asia. The combined goods-and-services deficit narrowed to US$52.8 billion, driven by non-monetary gold exports and a modest rise in financial services.
Imports from China dropped $4 billion to $11.4 billion, while US exports to China rose $200 million amid ongoing negotiations. Imports from Southeast Asia, including Vietnam, Thailand and Indonesia, edged up following new tariff announcements.
President Trump's reciprocal tariffs took effect in August, with some smaller Southeast Asian economies facing 40 per cent levies, below the 49 per cent signalled in April. Firms delayed shipments in response.
US goods exports increased $8.8 billion to $187.6 billion, supported by gold and oil demand. Imports of US pharmaceutical goods nearly doubled to more than $28 billion. Paul Ashworth of Capital Economics said without a $12.9 billion surge in pharmaceutical imports, goods imports would have hit a two-and-a-half-year low.
The report, delayed by a 43-day federal government shutdown, highlighted volatility tied to shifting tariffs. Average US consumer tariff exposure reached 16.8 per cent, with Japan and South Korea securing lower rates, while India faced 50 per cent, Taiwan 20 per cent, and China 47.5 per cent after an October adjustment.
Although US measures curbed Chinese shipments, China expanded exports elsewhere and lifted its annual trade surplus above US$1 trillion, according to official data. The durability of US tariffs remains uncertain as the Supreme Court reviews their legality under the 1977 International Emergency Economic Powers Act.
https://www.shippingazette.com/news?news_id=9251200000673
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