°®¶¹´«Ã½

The goods and services trade gap shrank nearly 11% from the prior month to $52.8 billion, Commerce Department data showed Dec. 11.

The goods and services trade gap narrowed almost 24% from the prior month to $59.6 billion, the Commerce Department said. The report was delayed from Oct. 7 by the federal government shutdown.

The deficit for the fiscal year was $1.78 trillion, down from $1.82 trillion in 2024, a drop of 2%, according to figures released by the Treasury Department Oct. 16.

The federal government logged a $1.8 trillion budget deficit for the 2025 fiscal year, little changed from 2024 despite a surge in tariff revenue, according to the Congressional Budget Office.

Mark Carney’s task is to convince Canadians and opposition lawmakers that his planned spending will eventually boost the resilience and productive capacity of the economy.

Customs duties hit $30 billion last month, marking a 296% surge over August last year, the Treasury Department reported. At the same time, the monthly budget deficit came in at $345 billion.

The country’s trade shortfall with the world was C$4.9 billion ($3.5 billion) in July, according to Statistics Canada data released Sept. 4.

The surge in imports was driven by industrial supplies, which rose to the highest level in four months amid a surge in inbound shipments of gold.

The shift in fortunes began during President Donald Trump’s trade war with China in his first term, with the initial annual deficits recorded in 2019 and 2020.

The U.S. merchandise-trade deficit unexpectedly widened in May on the biggest drop in exports since the onset of the pandemic, while imports were little changed.