A new report shows a much lower U.S. trade deficit as tariffs restricted both imports and exports, but some experts say the effects may be temporary.

The numbers: The U.S. trade deficit plummeted 39% in October to reach the lowest level in 16 years, but the steep drop stemmed from an ongoing gold rush of sorts as well as efforts by businesses to work around high tariffs.

The federal budget deficit totaled $1.7 trillion in Calendar Year (CY) 2025, according to estimates from the Congressional Budget Office (CBO). The deficit in CY 2025 is $369 billion less than the $2.0 trillion deficit in CY 2024.

Canada recorded a smaller-than-expected trade deficit in October and the share of exports to the United States fell to its lowest ever non-pandemic level, official data indicated on Thursday.

According to data released by the US Commerce Department on Thursday, the country’s trade deficit narrowed sharply in October, falling to $29.4 billion.

The resolution expresses the sense of the House of Representatives that the United States should reduce and maintain the federal unified budget deficit at or below 3% of GDP while acknowledging that the deficit for fiscal year 2025 was roughly 6% of GDP and interest costs are now projected to total over $1 trillion each year going forward.

Fiscal deficit is one of the most important numbers in the Union Budget, yet one of the most misunderstood. In this episode of Budget Basics, we explain what fiscal deficit really means,

Several areas are down nearly 10 inches from 90-day averages, particularly in central and north central Arkansas. This is pretty common in winter, but it tends to catch people's attention once burn bans are issued.