US Trade Deficit Falls to Lowest Level Since 2020 as Gold Exports Surge – But Is the ‘Improvement’ Real?
Published December 11, 2025 The US trade deficit shrank sharply in September 2025 to its smallest level in more than five years, helped by a sudden boom in gold exports and softer import growth. At first glance, the numbers look like a decisive win for Washington’s aggressive tariff strategy. Dig a little deeper, though, and the picture is much more complicated. According to fresh data released today by the US Census Bureau and the Bureau of Economic Analysis (BEA), the overall goods and services deficit fell to $52.8 billion in September, down from a revised $59.3 billion in August –