The U.S. trade deficit grew to $54.9 billion in August, a 1.6 percent increase from July, and a spike over last year.
When compared to the same period last year, the overall trade deficit was up $28.3 billion, or 7.1 percent, as exports dropped slightly and imports spiked.
Analysts point to President Trump’s trade war as a factor in the increased deficit, though the strong dollar and the growing budget deficit are major factors as well.
Trump has pointed to large trade deficits as a sign of economic weakness, and promised to bring them down, even though a large deficit is not necessarily a sign of a bad economy.
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#BREAKING: Trade deficit rises to $54.9 billion as Trump trade war with China continues https://t.co/5WjDpxInRQ pic.twitter.com/NA6ugGk57k
— The Hill (@thehill) October 4, 2019
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