The U.S. trade deficit jumped in July as imports soared, despite President Trump’s attempts to change the balance of trade through tariffs. The increase followed China’s imposing retaliatory tariffs on the U.S., suggesting that the threat of a trade war is not quickly lowering the trade deficit.
The Commerce Department reported Wednesday that the trade deficit grew 9.5 percent July to $50.1 billion, up from $45.7 the previous month. The shift was due to declines in soybean and aircraft parts exports and a surge in oil prices, driving the cost of imports higher.
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