The Commerce Department reported Friday that the U.S. trade deficit had grown by about 7 percent over the past three months and overall was roughly where it was last year, indicating that the Trump administration’s trade and tariff strategy still has long way to go to put a dent in those numbers.
Overall, the trade deficit rose to $46.3 billion from a revised $43.2 billion in May, the department said. One year ago, the deficit was $43.6 billion.
The number came the same day China announced it would hit back against the U.S. for its latest round of tariffs, planning an estimated $60 billion in U.S goods with levies from 5 to 25 percent. The announcement was in retaliation for the Trump administration’s plans announced this week to hit $200 billion worth of Chinese goods with 25 percent tariffs.
The administration indicated it had no intention of backing down in the trade fight. “The Chinese had better not underestimate the determination of President Trump to follow through and seek zero tariffs and nontariff barriers,” White House economic adviser Larry Kudlow told Fox Business.
The report found that exports had fallen by 0.6 percent to $213.8 billion over the past month. Cars and trucks took the biggest hit, declining by $700 million.
Imports rose by 0.6 percent to $260.2 billion, the majority of which were consumer goods led by pharmaceuticals and crude oil.
The Trump administration’s steel and aluminum tariffs had a clear impact. Steel imports fell by $18 million and aluminum fell by $22 million.
