The Census Bureau International Trade report shows that the goods and services deficit was $43.7 billion in July, up $0.1 billion from $43.5 billion in June, revised. July exports were $194.4 billion, $0.6 billion less than June exports. July imports were $238.1 billion, $0.4 billion less than June imports.

The country-specific details may have Trump howling. The Deficit widened with China, the EU, and Japan.

Trade Balance North America and Europe

Trade Balance Rest of World

Largest Deficits Current Month

  • China $33.5 Billion
  • Japan $5.6 billion
  • Germany $5.5 billion
  • Italy $2.8 billion
  • Ireland $2.4 billion
  • India $2.1 billion

Despite embargoes and sanctions, the US has a trade deficit with Russia that tops $1 billion.

Mike “Mish” Shedlock