Daily Maverick

US trade deficit surges to $50.1 bn in July on record imports

US President Donald J. Trump delivers remarks during an event to celebrate the six-month anniversary of the Tax Cuts and Jobs Act, in the East Room of the White House in Washington, DC, USA, 29 June 2018. EPA-EFE/MICHAEL REYNOLDS

The US trade deficit surged in July on record imports that created burgeoning gaps with trading partners in the crosshairs of President Donald Trump's aggressive policies, according to government data released Wednesday.

 

And with US goods facing retaliatory tariffs in many countries, exports dropped sharply that month, the Commerce Department reported.

The difference between imports and exports of goods and services jumped more than $4 billion, an increase of 9.5 percent, to $50.1 billion. DM

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