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Most of the $22.6 billion year-to-date increase in the United States trade deficit is due to a spike in gold imports,  US Trade Representative (USTR) Robert Lighthizer said on Tuesday.

“US President Trump’s trade policy is working in spite of the virus, August trade data reflects a strong performance of the US economy compared to trading partners,” Lighthizer added, per Reuters. “The US’ trade deficit with China is shrinking as the phase continues to take effect with increased purchases of US goods.

Market reaction

These comments don’t seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Index was up 0.38% on the day at 3,420.