US trade deficit in July highest since 2015 despite Trump’s tariffs

0

The U.S. trade deficit widened for the second straight month in July and by the most since 2015 on record imports, despite President Trump‘s efforts to lower the trade deficit.

The latest gap increased 9.5 percent to $50.1 billion, the highest level since February, from a revised $45.7 billion in June, the Commerce Department reported Wednesday.

Advertisements
Advertisements

Exports dropped 1 percent to $211.1 billion, behind drops in shipments of soybeans, which fell $682 million and a $1.57 billion drop in purchases of civilian aircraft.

ALSO READ:  Tears for Ochanya in Imo

Imports rose 0.9 percent to a record $261.2 billion, boosted by purchases of computers, oil and autos.

Advertisements

The increase in the overall trade gap was the biggest since March 2015 reports thehill.com

The deficit rose even as Trump has put his focus on lowering the trade deficits, which the president argues reflect how the U.S. has poorly negotiated trade deals in the past, giving other countries the advantage.

Deficits in goods with China and the European Union reached all-time highs.

Advertisements
ALSO READ:  Imo APC missing result sheet‘ll expose corruption in party leadership – Okorocha

Trump has imposed tariffs on a broad range of Chinese goods while hitting the EU with steep steel and aluminum duties.

China has matched U.S. tariffs and has promised to keep it up if Trump decides to slap tariffs on $200 billion on Chinese goods. That move could happen as early as this week.

Trump’s imposition of $50 in tariffs on China with threats of billions more has ramped up tensions between the world’s largest economies.

ALSO READ:  Suspected cattle thieves ‘kill 26’ in Sokoto, Zamfara

The goods deficit with China jumped 10 percent in July to a record $36.8 billion.

Advertisements

The trade gap with the EU spiked 50 percent to a record-high $17.6 billion.

So far this year, the goods and services trade deficit is up 7 percent from the same period in 2017.

Share with your friends
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

LEAVE A REPLY

Please enter your comment!
Please enter your name here