Tariffs bolster US trade deficit

The US trade deficit rose to a five-month high in July, with the politically sensitive gap with China hitting a record high, which economists said could embolden the Trump administration to pursue its “America First” agenda.

“America still isn’t getting a fair deal on trade and that can only mean one thing,” said Chris Rupkey, chief economist at MUFG in New York. “President Trump is going to unleash another $200 billion in tariffs on China imports.”– Reuters