The U.S. trade deficit in July widened to $78 billion, the largest in two years
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The trade deficit in the United States expanded to $78 billion in July, a year-on-year increase of 7.9%. According to data from the U.S. Department of Commerce, the total value of goods and services imports reached the highest level since March 2022. The non-inflation-adjusted deficit is $97.6 billion, which may have a negative impact on GDP in the third quarter, with a forecasted reduction in growth of 0.35%. The main reason for the trade deficit is the surge in goods imports, as businesses and retailers increase stocking ahead of the upcoming holidays, driving up port freight volumes
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