The U.S. trade deficit in goods contracted sharply in June amid a decline in imports, cementing economists' expectations that trade likely accounted for much of an anticipated rebound in economic growth in the second quarter.

The US merchandise-trade deficit shrank in June by more than forecast, reflecting a broad decline in imports as the pre-tariff rush to secure goods unwinds.The shortfall in goods trade narrowed 10.8% from the prior month to $86 billion,

B in June, the -$98.3B shortfall expected and -$96.6B in the prior month, according to data released by the U.S. Census Bureau on Tuesday.

In June, the U.S. trade deficit in goods reached its lowest level in nearly two years, driven by a significant drop in imports. This contributed to economists revising their GDP growth estimates upward for the second quarter.

The Philippines’ trade gap narrowed in June as exports increased at a faster pace than imports. Preliminary data released by the Philippine Statistics Authority (PSA) yesterday showed that the balance of trade in goods – the difference between the value of exports and imports – amounted to a $3.

The U.S. trade deficit in goods significantly decreased as imports fell, suggesting a positive impact on economic growth for the second quarter. The deficit narrowed to $86.0 billion, contrary to economist expectations.

Under pressure from the U.S. trade war and a slowing economy, Canada's provinces are all expected to run fiscal deficits this year — but a Conference Board of Canada report predicts those deficits will narrow in the coming years.