Afternoon Coffee: U.S. importing, exporting drops; LinkedIn to get new CEO; Avetta adds 2 execs

Tariffs and slower global growth showed their effects as Americans imported less from around the world and exported fewer U.S. goods and services — resulting in a narrower trade deficit, according to Commerce Department data released Wednesday.

The Wall Street Journal reports that this is the first drop in the trade deficit in six years, but that it wasn’t achieved in a way that would eventually create a trade surplus.

“The U.S. economy has run trade deficits for decades, during both economic expansions and recessions, which economists say reflects the fact that Americans consume more than they produce relative to the rest of the world,” the Journal reports. “To turn a trade deficit into a surplus, the U.S. would need to import less and export more of its products and services, which include foreign tourists coming to the U.S.”

LinkedIn to get new CEO

LinkedIn CEO Jeff Weiner will move aside and become executive chairman after 11 years as chief of the Microsoft-owned social media site for businesspeople and job seekers, and Ryan Roslansky, a 10-year LinkedIn veteran and senior vice president of product, will become CEO on June 1, The Associated Press reports. Weiner said the time was right and that his move to an advisory role is similar to what his predecessor did.

Avetta adds 2 execs

Avetta, a provider of cloud-based supply chain risk management solutions, announced it has hired Indy Chakrabarti as its chief marketing officer and Aaron Wattam as the chief human resource officer. Avetta combined with Browz about a year ago, and it has been developing since then, even adding new CEO Arshad Matin.

“Avetta is rapidly transforming the supply chain industry and the talents of Aaron and Indy will accelerate our pace even more,” Matin said in a release. “These two new, experienced leaders will guarantee our customers will continue to thrive, improving ESG in their respective industries.”

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