The U.S. trade gap narrowed in July as factory weakness held down imports of manufacturing-related products.
Imports fell 0.1% in July from June, driven by a 2.6% decline in imports of capital goods-such as computers, semiconductors, telecommunications equipment and other industrial machines-used primarily by businesses.
Imports of capital goods in July fell to the lowest level, $55.41 billion, since October 2017, the department said.
Imports of industrial supplies, largely products such as oil, metals or chemicals, were down 7.4%. The decline was partly offset by a rise in imports of consumer goods, reflecting the resilience of American household spending despite slowing global growth, volatile financial markets and the specter of tariffs on goods imported from China.
Wednesday's trade report indicated that escalating tariffs between the U.S. and China continues to batter trade between the two countries.
Imports from China were down 1.9% in July from June while exports were down 2.7%. So far in 2019, Chinese imports are down 12.4% versus the same period a year ago while exports to China are down 17.3%. Trade could become even more volatile in the coming months after both the U.S. and China rolled out new tariffs on Sept. 1.
The U.S. imposed a 15% charge on imports of clothing, tools, electronics and other goods from China, while Beijing retaliated with new tariffs on U.S. soybeans, crude oil and pharmaceuticals.
https://www.wsj.com/articles/u-s-trade-gap-narrowed-in-july-as-imports-fell-11567600501?mod=hp_lista_pos5
Imports fell 0.1% in July from June, driven by a 2.6% decline in imports of capital goods-such as computers, semiconductors, telecommunications equipment and other industrial machines-used primarily by businesses.
Imports of capital goods in July fell to the lowest level, $55.41 billion, since October 2017, the department said.
Imports of industrial supplies, largely products such as oil, metals or chemicals, were down 7.4%. The decline was partly offset by a rise in imports of consumer goods, reflecting the resilience of American household spending despite slowing global growth, volatile financial markets and the specter of tariffs on goods imported from China.
Wednesday's trade report indicated that escalating tariffs between the U.S. and China continues to batter trade between the two countries.
Imports from China were down 1.9% in July from June while exports were down 2.7%. So far in 2019, Chinese imports are down 12.4% versus the same period a year ago while exports to China are down 17.3%. Trade could become even more volatile in the coming months after both the U.S. and China rolled out new tariffs on Sept. 1.
The U.S. imposed a 15% charge on imports of clothing, tools, electronics and other goods from China, while Beijing retaliated with new tariffs on U.S. soybeans, crude oil and pharmaceuticals.
https://www.wsj.com/articles/u-s-trade-gap-narrowed-in-july-as-imports-fell-11567600501?mod=hp_lista_pos5
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