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The U.S. trade deficit narrowed to the lowest level since September as exports rose to a record, amid Trump administration tariffs and trade threats that risk hurting global commerce.

The U.S. merchandise-trade deficit widened to a four-month high as imports rose for the first time since April, according to preliminary figures released Oct. 26 by the Commerce Department. The report also showed inventories increased at wholesalers and fell at retailers.

The U.S. trade deficit widened less than forecast in July as rising energy and aircraft exports helped offset drops in shipments of autos and household goods, Commerce Department data showed Sept. 6.