U.S. trade deficit surged in July to highest in 12 years
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(Worthy News) – The U.S. trade deficit surged in July to $63.6 billion, the highest level in 12 years, as imports jumped by a record amount.
The Commerce Department reported that the July deficit, the gap between what America buys and what it sells to foreigners, was 18.9% higher than the June deficit of $53.5 billion. It was the largest monthly deficit since July 2008 during the 2007-2009 recession.
The July deficit increase was driven by a record 10.9% increase in imports which rose to $231.7 billion. Exports were also up but by a smaller 8.1% to $168.1 billion. [ Source: PBS News (Read More…) ]
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