New Delhi, Feb. 19 -- US President Donald Trump on Wednesday (local time) said the country's trade deficit has contracted sharply by 78% due to tariffs imposed on companies and countries, calling it a first in many decades.

In a post on Truth Social, he wrote, "The United States trade deficit has been reduced by 78% because of the tariffs being charged to other companies and countries. It will go into positive territory during this year, for the first time in many decades. Thank you for your attention to this matter!"

His remarks came ahead of the official trade data for December, which is due on Thursday (local time). Investing.com reported that the United States is expected to post a monthly trade surplus of about $55.5 billion, which...