The U.S. trade deficit narrowed slightly in July, but the gap with China, a focu...
WASHINGTON - The U.S. trade deficit narrowed slightly in July, but the gap with China, a focus of the Trump administration’s “America First” agenda, surged to a six-month high.
The Commerce Department said the trade deficit dropped 2.7% to $54.0 billion as exports rebounded and imports fell. Data for June was revised down to show the trade gap shrinking to $55.5 billion instead of the previously reported $55.2 billion.The politically sensitive goods trade deficit with China increased 9.4% to $32.8 billion, with imports jumping 6.4%. Exports to China fell 3.3% in July.
In July, exports were boosted by consumer goods, which increased $1.5 billion. Capital goods exports rose $0.8 billion. There were also increases in exports of motor vehicles. Exports of industrial supplies and materials, however, decreased $1.7 billion, with shipments of crude oil falling $0.5 billion.
The import bill was pulled down by a $1.5 billion decline in capital goods imports. The drop in capital goods imports suggests business investment could remain weak in the third quarter after contracting in the April-June period for the first time in three years.
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