The U.S. trade deficit dropped to its lowest level in nearly 1-1/2 years in October, suggesting trade could contribute to economic growth in the fourth quarter, though a fall in imports of consumer goods hinted at a slowdown in domestic demand. The Commerce Department said on Thursday the trade deficit tumbled 7.6% to $47.2 billion, the smallest since May 2018, as both imports and exports of goods declined. The decreases in imports and exports suggested the White House’s “America First” agenda, marked by a 17-month trade war with China, was reducing trade flows.
