The recent decline in US imports — a stunning 20 per cent plunge in a single month — has handed the Trump administration an apparent victory. The trade deficit in goods, a figure long criticized by then former and now returned President Trump, shrank by nearly half. To some, this sharp decline seems to validate the aggressive tariff strategy Mr Trump unleashed earlier this year.

But behind the numbers lies a troubling truth: this is less an economic triumph than a distortion, masking deeper risks for both the US and global economies. At first glance, the administration’s move seems to be working. By slapping sweeping import taxes — including a blanket 10 per cent levy on most goods — the White House has forced down the volume of foreign goods flowing into American ports. Steel, aluminum, automobiles, pharmaceuticals, toys, clothing and even everyday consumer electronics like mobile phones have been caught in this dragnet. Key trading........

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