US trade deficit rises; deficit with China at 1-year high
The US trade deficit increased in July as both exports and imports fell, keeping the US on track to post a larger gap in 2017 compared to last year.
The trade gap reached $43.7 billion in July, up from $43.5 billion in June, the US Commerce Department said Wednesday.
Exports declined $600 million to $194.4 billion, while imports decreased $400 million to $238.1 billion.
The US trade deficit is already about 10 percent higher in the first seven months of 2017, compared with the same period in 2016.
Some economists have warned that Hurricane Harvey could significantly impact trade volumes and commodity prices, and increase the trade deficit in September.
A larger trade deficit normally leads to slower US economic growth, because it means Americans are purchasing more products from abroad than from the US.
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The politically sensitive US-China trade deficit increased 3.0 percent to $33.6 billion in July, the highest level in nearly a year.
US President Donald Trump has blamed the ongoing trade deficit with China for helping to offshore US factory jobs as well as slowing US economic growth.
The trade gap with Mexico fell to $4.9 billion from $6 billion.
Trump has pushed Canada and Mexico to renegotiate the North American Free Trade Agreement (NAFTA), which he argues encourages American companies to relocate to Mexico.
On Saturday, Trump also threatened to withdraw from a free trade deal with South Korea. Trump has repeatedly stated that the United States has been disadvantaged in its dealings with trade partners.
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