The U.S. trade deficit widened sharply in July, climbing more than 30 percent as imports of capital goods surged to record levels, signaling resilient domestic demand and firmer business investment.
The overall gap in goods and services rose 32.5 percent to $78.3 billion, the Commerce Department reported on Sept. 4. Imports increased 5.9 percent to $358.8 billion, while exports edged up just 0.3 percent to $280.5 billion, leaving the goods deficit 21 percent higher than in June at $103.9 billion.
Cutting trade deficits has been a central goal of President Donald Trump’s policy agenda, alongside a push to reindustrialize the U.S. economy. While the July trade deficit figures undercut the first objective, the details suggest a lift for manufacturing….