US trade deficit widens in August amid strong imports
WASHINGTON — The U.S. trade deficit widened more than expected in August, driven by a surge in imports of goods amid robust domestic demand, keeping trade on track to again subtract from economic growth in the third quarter. The trade shortfall increased 13.7 percent to $105.6 billion, the Commerce Department's Bureau of Economic Analysis and Census Bureau said on Tuesday. Economists polled by…
The U.S. trade deficit expanded more than anticipated in August due to a surge in imports, according to the Commerce Department's Bureau of Economic Analysis and Census Bureau. The trade gap increased by 13.7% to reach $105.6 billion. Economists surveyed by Reuters had predicted the deficit would be $102.0 billion. The widening gap was primarily driven by robust domestic demand, with consumer spending and business investment in equipment, particularly related to artificial intelligence, surging.
This trend is anticipated to persist into the third quarter, with data indicating strong consumer spending and orders for nondefense capital goods, excluding aircraft. However, businesses continue to rely on imports to fulfill demand, despite President Donald's statements.
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- Record imports push US trade balance deep into the red in August straitstimes.com
- Record imports push US trade balance deep into the red in August investing.com
- US trade deficit widens in August amid strong imports koreatimes.co.kr
- Canada's trade surplus widens to more than 4-year high in August, as front-loading ramps up cbc.ca
- Statistics Canada reports $4.2B merchandise trade surplus for August winnipegfreepress.com
