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 trade deficit dropped 2.7% to $54.0 billion as exports rebounded and imports fell. Economists polled by Reuters had forecast the trade gap narrowing to $53.5 billion in July. The monthly trade gap has swelled from $46.4 billion at the start of 2017, when Trump took over from former president Barack Obama.
Washington on Sunday imposed 15% tariffs on more than $125 billion in Chinese imports, including smart speakers, Bluetooth headphones and clothing. In retaliation, China slapped additional duties on some of the U.S. goods on a $75 billion target list, including a 5% tariff on crude oil. Additional tariffs are due in December.The dollar fell against a basket of currencies, while U.S. Treasury prices rose. Stocks on Wall Street were trading higher after upbeat data from China’s services sector.
Goods imports dropped 0.2% to $211.8 billion. Economists believe imports rebounded in August as businesses probably stocked up on Chinese goods following the announcement of further tariffs.
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