The US trade deficit expanded more than expected in July to its widest in four months, government data showed Thursday, on a surge in imports before a fresh wave of President Donald Trump’s tariffs kicked in.

The overall US trade deficit jumped 32.5 percent to $78.3 billion in July, the Department of Commerce said.

This came on the back of a 5.9-percent rise in imports to $358.8 billion, while exports edged up just 0.3 percent to $280.5 billion.

“While imports bounced back in July, more than half of the increase was due to gold as trade policy and safe-haven demand brought about a resurgence in trade,” said Matthew Martin, senior economist at Oxford Economics, in a statement.

“Excluding gold, imports rose by a more modest 3.3 percent, while exports fell 0.1 percent,” Martin added.

Ana

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