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U.S. Trade Deficit Reaches Highest Level in Over a Year
The U.S. trade deficit increased in May to $77.6 billion, the highest level in over a year, driven by a 3.3% rise in imports and a 3.2% decline in exports. Imports particularly surged in capital goods and industrial supplies, while exports decreased due to a drop in non-monetary gold shipments. This data is expected to have a negative impact on U.S. economic growth in the second quarter of the year.
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