U.S. Trade Deficit Drops for the First Time in Six Years in December

The U.S. Commerce Department has reported that the gap between what the U.S. sell and what it buys abroad fell 1.7% in 2019, to $616.8 billion. U.S. exports fell <-0.1%> to $2.5 trillion. However, imports fell more, slipping <-0.4%> to $3.1 trillion. Imports of crude oil dropped <-19.3%> to $ 126.6 billion. The deficit in the trade of goods with China narrowed last year by 17.6% to $345.6 billion. The result of the administration imposing tariffs on $ 360 billion worth of imports coming from China.