US Trade Deficit Widens in July on Soaring Imports
The U.S. trade deficit widened sharply in July as record inflows of capital and other goods boosted imports, a trend that if sustained could see trade subtracting from gross domestic product in the third quarter.
The trade gap ballooned 32.5% to $78.3 billion, the Commerce Department's Bureau of Economic Analysis said on Thursday. Economists polled by Reuters had forecast the deficit rising to $75.7 billion.
President Donald Trump's aggressive tariffs have caused wild swings in imports and ultimately the trade deficit, distorting the overall economic picture. A U.S. appeals court ruled last Friday...
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