US trade deficit drops $73.3B
The U.S. trade deficit decreased by 5.6% in June to $73.3 billion, with imports falling by 1.8% and exports by 0.9%. This led to a narrower trade gap for the first time since the start of the year, driven by declines in electronics and oil imports, which dropped by 4%. Nevertheless, non-monetary gold exports increased, and America’s trade deficit widened with Canada, Mexico, and China amid changes in trade agreements and increased growth in Vietnam, which has benefited from shifts in supply chains.
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