US trade deficit with Asia grew in July, led by Vietnam
The US trade deficit widened to the largest in over a year in July, with government data released on Thursday showing a 24.4 percent increase compared to the previous month. The trade gap totaled US$88.6 billion, driven by a surge in imports due to the booming AI tech industry. Exports, however, fell by 2.1 percent to US$310.7 billion, as industrial supplies like crude oil and gold exports declined.
Imports increased by 2.8 percent to US$399.3 billion, largely boosted by computers, computer accessories, and semiconductors. The trade deficit has fluctuated significantly since last year due to the imposition of broad tariffs by President Donald Trump on goods from allies and competitors. Since the US Supreme Court overturned many of Trump's global tariffs in February, businesses have been rushing to secure refunds.
Additionally, tensions in the Middle East have exacerbated the issue, with Iran blocking the Strait of Hormuz, a crucial waterway for global energy transit.
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