US trade deficit surges, hits all-time highs with China and EU
(Worthy News) – According to data released by the US Commerce Department on Wednesday, the US trade gap increased 9.5 percent to $50.1 billion in July, from a revised $45.7 billion in the prior month.
Exports fell by 1 percent in the month, while imports rose 0.9 percent, creating burgeoning shortfalls with major trading partners, notably China and the European Union.
The goods trade deficit with China surged 10 percent to a record $36.8 billion, and an all-time high was also reached with the EU at $17.6 billion — up 50 percent. The shortfall with Canada shot up 57.6 percent, while the gap with Mexico was down 25.3 percent. [ Source: Deutche Welle (Read More…) ]
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