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Trump losing trade war with China:US trade deficit increased 9.6% from the previous month
| Despite the imposition of tariffs and counter-tariffs in July, the US trade deficit increased to $50.1 billion, a 9.6% increase from the previous month, according to the US Census Bureau. The increase came on the back of a 0.9% increase in imports to a record $261.2 billion, as US domestic demand remains strong. Exports, on the other hand, slipped 1%.
For the year, the trade deficit increased to $338 billion, compared to $316 billion in the first seven months of 2017.
| But in addition to the overall deficit, the goods trade deficit with both China and the EU hit record highs in the month of July:
The goods trade deficit with China increased to $36.8 billion, as imports jumped 5.6% and exports tumbled 7.7%.
Similarly, the deficit with the EU hit $17.59 billion, as imports ticked up 2.5% and exports collapsed 15.7%.
Ward McCarthy, chief financial economist at Jefferies,
| said the worsening trade deficit with two of Trump's main trade war targets could lead to more attacks from the president.
"These record deficits are likely both be a partial consequence of the ongoing trade/tariff war and a likely catalyst for increase trade tensions between the US, EU and China," McCarthy said in a note to clients.
|
McCarthy also pointed out that the trade deficit with Canada increased to $3.15 billion, a 58% increase from the month before and the highest since January.
https://www.businessinsider.com/trump-tariff-trade-war-china-eu-deficit-soybean-export-drop-2018-9
| The president who's famous for going bankrupt, who only succeeded in business because daddy paid for it, not actually understanding business? I'm positively floored.
| Whats gonna happen to the U.S cause of this?
| >>400777
Not much, just some imported goods will cost more than usual.
Soybean farmers are losing money, though, since most of them export to China.
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| President Donald Trump made shrinking the trade deficit a key goal for his trade battles.
The US trade deficit increased to its highest level since February in July.
The goods trade deficit with China and the European Union, two of Trump's main targets, hit record highs.
Soybean exports, one of China's main trade war targets, fell in July.
President Donald Trump's trade war doesn't seem to have curtailed American appetite for foreign goods — at least not yet.