US trade deficit nears $78 billion amid surge in imports

The U.S. trade deficit increased in May to $77.6 billion, with imports rising by 3.3% to $395.3 billion, while exports declined by 3.2% to $317.7 billion, despite oil exports reaching a record high. This deterioration reflects the ongoing impact of trade on the U.S. economic growth, which is expected to grow by about 1.2% in the second quarter.

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