The US Trade Deficit Soared In July, The Highest Level In 12 Years

The U.S. trade deficit soared to $63.6 billion, or 434.87 billion yuan, in July, the highest level since 2008, ABC reported.

In July, both imports and exports of U.S. goods rose, of which imports rose 10.9% month on month to 231.7 billion US dollars, about 158.27 billion yuan, a record high. The data also showed that the service trade surplus in July fell to 17.4 billion US dollars, or 118.97 billion yuan, the lowest since August 2012.