US trade deficit at $73.3B in June after import dip
Business
The US trade deficit shrank by 5.6% in June, landing at $73.3 billion, mostly because imports dipped by 1.8%.
Even with this short-term drop, strong domestic demand continues to be met by imported goods, so imports are likely to stay high going forward.
Q2 GDP 1.5% despite trade gap
In the second quarter, the growing trade gap actually knocked a full percentage point off GDP growth, but the economy still managed a 1.5% annualized boost thanks to steady consumer spending and big investments in A.I. technology.
Exports also slipped a bit in June, showing that while Americans keep buying, selling abroad is getting tougher.