US trade deficit widens to 6-month high, expected to dent economic growth
US trade deficit widens to 6-month high, expected to dent economic growth
www.reuters.com US trade deficit widens to 6-month high, expected to dent economic growth
The U.S. trade deficit widened by the most in eight years in April as imports of goods rebounded while exports of energy products declined, a trend that if sustained, could result in trade being a drag on economic growth in the second quarter.
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Two things are affecting this. One, it's summer and people need less energy. Two, the US economy is doing well but Europe is doing poorly. So, we're buying more stuff.
When the war in Ukraine is over, expect the trade deficit to get worse because Russia will be selling oil again. This will probably be a talking point during the elections.
7 comments