Trade deficit narrows slightly in September: Trump's tariff policy starts to show signs of adjustment

The U.S. trade deficit narrowed slightly in September, according to data released on Wednesday by the Department of Commerce, reaching a level close to its highest since March 2025. The reduction, driven by a rise in exports and moderate growth in imports, comes amid significant changes in trade policy driven by the Trump administration.

The trade deficit fell 0.6% to $105 billion, a figure lower than the $107.7 billion projected in the Marketwatch consensus.

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Imports and exports in detail

In September, U.S. imports rose by 1.2% to $426.6 billion, driven mainly by computers and their accessories. Imports of crude oil, on the other hand, decreased by $1.3 billion, a figure that reflects the reduction in dependence on foreign energy sources.

Exports, meanwhile, grew by 1.8% to $321.5 billion, with contributions from oil, food and capital goods in general. This increase in exports is a positive sign for the economy, demonstrating a certain ability to compete in international markets despite trade tensions.

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Sign that tariff policy is working

The reduction in the trade deficit, though modest, is good news for the Trump administration, which has made reducing the trade imbalance one of its top priorities. Tariffs have forced companies to rethink their supply chains and reduce their dependence on imports from certain countries, especially China.

The September data suggests that the strategy is beginning to bear fruit. Exports are growing while imports are moderating in key sectors such as the energy sector. Although the deficit remains high in absolute terms, the trend points to a gradual correction that could strengthen the United States' position in trade negotiations with its partners.