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Tariffs appear somewhat limited in their ability to control what American firms import, as China’s sway over sectors such as rare earths and electronics makes its products hard to dislodge.

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.

A long-awaited rule published Sept. 29 by the Commerce Department seeks to prevent sanctioned companies from using affiliates to access restricted U.S. goods. 

Overall sales abroad rose 4.4% in August from a year earlier to $322 billion, according to a statement from the General Administration of Customs on Sept. 8.

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 Port of Los Angeles reported its busiest month on record with container volume increasing 8.5% to 1,019,837 20-foot-equivalent units from 939,600 last year.

Shipments are expected to surpass 4 million barrels a day in August and September, reaching levels not seen since the start of the year, according to some market participants.

Trump’s imposition of 25% tariffs on foreign vehicles has disrupted the long-standing system that mostly allowed the free flow of vehicles and parts across the three North American countries.

“I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China’s Trade Deficit with the USA,” President Trump wrote on Truth Social.

“July may be our peak season month as retailers and manufacturers bring orders in earlier than usual, then brace for trade uncertainty," said Port of Los Angeles' Gene Seroka.