The US trade deficit ballooned to $88.6 billion in July, a 24.4% jump from June’s revised figure of $71.2 billion. It’s the widest gap between what America buys and what it sells since March 2025, and the speed of the deterioration caught attention across markets.
The data, released September 3 by the Bureau of Economic Analysis and the Census Bureau, showed a two-sided squeeze. Exports dropped 2.1% to $310.7 billion while imports climbed 2.8% to $399.3 billion.
What drove the swing
On the export side, crude oil shipments fell by $4.5 billion and nonmonetary gold exports declined by $3.9 billion. Those two categories alone account for a combined $8.4 billion drop.
Imports told a different story. Computers surged by $6.9 billion, computer accessories jumped $6.6 billion, and semiconductors saw a significant increase as well.
