Good morning. The US trade deficit fell 55 per cent in April, according to the commerce department. There was a noticeable uptick in exports, but the overall decline was mostly due to a drop in imports — pharmaceutical and gold bullion imports, in particular. Remember the argument that last quarter’s negative GDP reading would net out later this year, as tariff front-running recedes? That seems to be happening. Email us: unhedged@ft.com.
早上好。根据美国商务部的数据，4月份美国贸易逆差下降了55%。出口有所回升，但整体下降主要是由于进口减少，尤其是医药产品和金条的进口。还记得之前有人认为，上季度GDP为负的情况会随着今年晚些时候关税抢跑效应的消退而得到抵消吗？现在似乎正在发生这种情况。欢迎给我们发邮件：unhedged@ft.com（风险管不管）。
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