Donald Trump’s trade orders are not yielding appreciable results. Despite the tariffs imposed by the Republican administration, the United States continues to buy more from abroad than it sells on global markets. In July, the US trade deficit in goods widened, reaching the highest level since March 2025, when importers rushed to purchase goods ahead of the White House tariff announcement for Liberation Day.
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According to data released yesterday by the Department of Commerce, the goods trade deficit grew by 17.2% compared to June, reaching $118.8 billion. The gap was higher than all estimates made by economists surveyed by Bloomberg.
Goods imports increased by 3.7% to $318.2 billion, the highest level since the March 2025 record, thanks to an 11.3% jump in imports of capital goods, linked to equipment needed to fuel the investment boom in artificial intelligence. “This category has been supported by relentless business spending on high-tech products associated with AI development, which currently shows no signs of slowing,” explained Matthew Martin, senior US economist at Oxford Economics. “We expect,” he added, “that imports of capital goods will support strong import growth well into 2027.” Consumer goods imports increased only slightly, while other categories, such as industrial goods, showed a decline in arrivals.
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US goods exports, which had reached a record level in April, fell by 2.9% to $199.4 billion, the lowest level since January. The decline is due to an 11.2% drop in overseas sales of industrial supplies: a category that also includes crude oil and petroleum products.
“The goods trade deficit, higher than expected, will weigh on GDP growth in the third quarter, but reflects strong demand for AI-related products, not weakness in the US economy,” said Kathy Bostjancic, chief economist at Nationwide, in a statement.
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