U.S. trade gap narrows in July
The numbers: The U.S. trade deficit fell almost 3% in July owing to higher exports of drugs, oil and autos, but the nation’s gap was still running ahead of last year’s pace even as the Trump administration adopted tough tactics to reverse the tide.
The U.S. trade gap through the first seven months of 2019 totaled $374 billion vs. $346 billion in the same span in 2018.What happened: U.S. exports rose 0.6% to $207.4 billion. The U.S. shipped more pharmaceutical drugs, new autos, oil, drilling equipment and soybeans. Imports and exports of many goods have gyrated due the trade war with China. In some cases companies have stocked up on products likely to face higher tariffs, reducing orders later in the year.
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