Trade deficit grew 24% in July as Trump rebuilds tariffs; trade gap is down 30% this year
The U.S. trade deficit grew to $88.6 billion in July, a 24% increase from June, as the country imported goods to fuel the artificial intelligence boom and President Trump worked to rebuild his tariff framework after legal setbacks.
TL;DR
- The U.S. trade deficit increased by 24% in July to $88.6 billion.
- Higher imports of goods for the AI boom contributed to the deficit's growth.
- President Trump was working to rebuild his tariff framework after facing legal setbacks.