New Delhi, Nov. 19 -- The United States trade deficit - the amount by which the value of a nation's imports exceeds its exports - contracted to $59.6 billion in August, reported Forbes citing figures released by the Bureau of Economic Analysis (BEA) on Wednesday.

The latest data represents the narrowest gap as compared to $58.3 billion in October 2023. It marks a 24 per cent fall from the $78.2 billion deficit seen in July.

The notable contraction was primarily driven by a 5.1 per cent decline in imports, the largest dip in four months, while exports rose marginally 0.1 per cent, the BEA reported.

The data arrives in the context of the far-reaching tariffs announced by President Donald Trump in April on 'Liberation Day' and subsequentl...