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US-China Goods Trade Deficit Hits 5-Month High

Courtesy of ZeroHedge. View original post here.

Don't tell President Trump…

Having seen 'success' at the start of the year with the trade deficit with China plunge (reduced deficit), the last three months – as tariff tensions have escalated, despite a so-called trade-truce – have seen the China trade deficit accelerate once again.

America's merchandise trade deficit with China widened slightly in June to a five-month high.

As Bloomberg reports, so far this year, the U.S. merchandise deficit with China has narrowed to a seasonally adjusted $179.8 billion, compared with $200.4 billion in the same six months of 2018.

U.S. exports to China are down 18.1% this year, while imports have fallen 12.2%, a reflection of dwindling two-way trade.

More broadly, the overall trade deficit in June showed a slightly larger decline in the value of imports than exports, capping a quarter in which the shortfall weighed on economic growth. The median estimate of economists surveyed by Bloomberg called for a deficit of $54.6 billion.

The real petroleum gap narrowed to an all-time low of $5.7 billion as inflation-adjusted petroleum exports reached a record high of $23.3 billion.


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