The U.S. goods trade deficit widened in July as imports of oil and industrial supplies surged, driven by strong domestic demand and possible stockpiling by importers ahead of President Donald Trump’s new tariff rates for individual countries that took effect on Aug. 7.
According to data released by the U.S. Census Bureau on Aug. 29, the U.S. goods trade deficit jumped 22.1 percent in July from June to $103.6 billion, driven largely by a surge in imports.
