US foreign trade gap above market expectations in July

US trade deficit increases 32.5% to $78.3B in July, imports surge 5.9%

By Mucahithan Avcioglu

ISTANBUL (AA) - The US foreign export deficit in July was $78.3 billion, above the market expectations of $77.7 billion.

According to a statement from the Bureau of Economic Analysis on Thursday, the country's foreign trade gap expanded 32.5% from $59.1 billion in June.

The country's exports totaled $280.5 billion in July, up 0.3%, while imports amounted to $358.8 billion, rising 5.9%.

The goods deficit increased by $18.2 billion to $103.9 billion in July, while the services surplus dropped by $1.1 billion to $25.6 billion.

The data followed President Donald Trump's tariff policy, as he imposed blanket levies on most nations.

He also made trade deals with some countries, including the UK, Vietnam, Indonesia, the Philippines, Japan, and South Korea, as well as the EU, while trade talks with China are still ongoing.

The US president has often spoken about using tariffs to bring down the US trade deficit with other countries.

Kaynak:

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