Washington, Aug 2 (AFP/APP):America’s mammoth trade deficit held steady in June as foreign demand for US goods and services weakened across the board, according to government data released Friday.
The falling exports and deteriorating trade picture comes as President Donald Trump intensifies his trade war with China, and Beijing vows to retaliate, which economists say is helping to weaken global growth and international commerce.
The US trade gap dipped a token 0.3 percent to $55.2 billion last month, with exports falling faster than imports amid a general decline in trade, according to the Commerce Department report.
Analysts had expected a slightly larger decline.
The deficit in the first half of 2019 is 7.9 percent higher than the same period last year and could weigh on GDP growth in the second quarter.