The US monthly trade deficit hit its highest level since 2008 in July as the country continued to import more than it exports, in a blow to Donald Trump’s promise during the 2016 election campaign to reduce that figure.
The US’s trade deficit in goods and services grew 18.9 per cent month-on-month to $63.6bn, its highest since July 2008, according to US government data. The country’s goods deficit of $80.9bn, was the highest on record.
US international trade overall increased. Exports grew more than 8 per cent while imports rose 10.9 per cent, in a sign that global economies are beginning to recover from the coronavirus pandemic.
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