America immersed in debt
US President Donald Trump started a whip of tariffs on countries around the world after assuming the reins of power for the second time. Arbitrarily put tariffs on everyone, whose negative impact is now being seen on the country of Trump itself. The US trade deficit is increasing. In July itself, the debt increased to $ 78.3 billion.
According to the report of the US Commerce Department, the US trade deficit in July has increased by 32.5 per cent on an annual basis. Some economists had predicted US trade deficit to stay at $ 75.7 billion this month. Which has been more than its estimate. The main reason behind this is Trump’s tariff policies, on which they have also been reprimanded by the US court.
Why trade deficit is increasing
The impact of America’s growing trade deficit is also being seen on its GDP. America’s imports are also increasing. One thing to understand here is that increasing import of a country is not negative. Provided that its exports are also very good. But America’s import is increasing. But there is a slight increase in exports. The result of this is that the country’s trade deficit has increased.
Import has increased
The increase in imports increased by 5.9% to $ 358.8 billion in July in July. Its imports increased by 6.9% and reached $ 283.3 billion. Import of industrial goods and raw materials rose $ 12.5 billion, with non-monetary gold share of $ 9.6 billion. Petroleum Import was the lowest after April 2021.
Capital Goods’s import rose by $ 4.7 billion to $ 96.2 billion. Import of computer, telecom equipment and industrial machinery also increased. Semacular imports decreased by $ 0.8 billion. Import of consumer goods increased by $ 1.3 billion. Pharmaceutical imports decreased $ 1.1 billion. Vehicle, auto parts and engine imports decreased by $ 1.4 billion.
America’s exports
US exports rose 0.3% to $ 280.5 billion. The export of goods rose 0.1% to $ 179.4 billion. Capital Goods exports rose by $ 0.6 billion to $ 59.9 billion. At the same time, export of vehicle, auto parts and engine has increased by $ 0.3 billion. Industrial supply and materials exported to $ 0.2 billion.
In addition, gold exports gained 2.9 billion dollars. Trade deficit of total goods increased by 21.2%. Luggage trade deficit with China rose by $ 5.3 billion to $ 14.7 billion. Apart from this, there has also been a trade deficit with Mexico, Vietnam, European Union, Switzerland, India, South Korea and Japan.