The U.S. imported $231.7 billion worth of goods and services in July, an 18.9-percent increase from June, the commerce department reported.
The monthly trade deficit in merchandise alone for the month was the largest on record.
Exports in the same month grew 8.1 percent to $168.1 billion, leaving the U.S. with a $63.6 billion trade deficit for the month, the widest gap since July 2008, government figures showed.
Economists had predicted a $58-billion gap, according to a Reuters survey.
In February, just before the economic shutdown began, the U.S. exported $209.6 billion worth of goods and services.
TREND FORECAST: China’s trade surplus with the U.S. widened by 27 percent, despite China vowing to buy more U.S. products.
President Trump’s 2016 campaign promises, and measures taken to reduce the trade gap with China, have failed. It will become a Presidential Reality Show® campaign issue as the President blames his challenger Joe Biden for bringing China in the World Trade Organization. Indeed, according to the Economic Policy Institute, the trade deficit with China since 2001 has resulted in the loss of nearly 4 million jobs in America.
