U.S. trade deficit fell to $70.6 billion in July

According to the U.S. Department of Commerce, the U.S. trade deficit fell 12.6% in July to $70.6 billion.

Imports fell 2.9% to $329.9 billion. At the same time, exports increased by 0.2% to $259.3 billion, reaching a record level.

As of early 2022, the U.S. has the largest trade deficit with its five trading partners: China, Mexico, Vietnam, Canada, and Japan.

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