Data released by the U.S. Commerce Department indicates shifts in trade activity during August, following the implementation of new tariffs on exports from approximately 90 countries on August 7.
Total imports of goods and services experienced a 5.1 percent decline, reaching $340.4 billion. This reduction included U.S. firms curtailing purchases of foreign machinery, industrial supplies, pharmaceutical ingredients, and telecom equipment, after a period of extensive stockpiling in preceding months. Approximately half of the import decrease was attributed to a decline in gold purchases, which had been sought as a safe haven by investors in the prior month.
Concurrently, U.S. goods exports saw a $500 million reduction, settling at $179 billion, reflecting decreased international demand for American consumer goods, automobiles, and gold. This decline in goods exports was partially mitigated by an increase in exports of U.S. services, including travel.
Source: https://www.nytimes.com/2025/11/19/us/politics/trumps-tariffs-trade-data.html