WASHINGTON (AP) — The U.S. trade deficit surged in July to $63.6 billion, the highest level in 12 years, as imports jumped by a record amount.
The Commerce Department reported that the July deficit, the gap between what America buys and what it sells to foreigners, was 18.9% higher than the June deficit of $53.5 billion.
The increase was driven by a record 10.9% increase in imports.
Exports were also up by a smaller 8.1%.
Copyright 2020. Associated Press. All Rights Reserved.
