US trade deficit widens as imports hit record
The US trade deficit increased 24.4 percent to $88.6 billion in July. Strong domestic demand drove up capital goods imports to a record high, signaling a drag on third-quarter economic growth.
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The United States trade deficit widened 24.4% to $88.6 billion in July as strong domestic demand boosted imports, according to the Commerce Department. The shortfall exceeds the $90.0 billion deficit expected by economists polled by Reuters. The wider gap signals that international trade will likely weigh on third-quarter economic growth.
