The monthly US trade deficit for July hit a 12-year high, at $63.6 billion, as imported goods surged a record amount, undermining claims by President Trump that he’s entered into better trade deals, the Associated Press reports.
The Commerce Department surged a record 18.9% in July from the June figures. The $63.6 billion was the largest monthly trade deficit since July 2008.
Imports rose to $231 billion in July, an increase of 10.9% from the previous month, versus exports of $168.1 billion, which increased just 8.1%.
The US trade deficit with China increased 11.5% in July to $31.6 billion. The monthly trade deficit with Mexico hit a record high for the month at $10.6 billion despite Trump’s claim that the new USMCA would lower trade deficits with its neighboring countries.