US trade deficit surges in July to highest in 12 years

WASHINGTON (AP) — The U.S. trade deficit surged in July to $63.6 billion, the highest level in 12 years, as imports jumped by a record amount. The Commerce Department reported that the July deficit, the gap between what America buys and what it sells to foreigners, was 18.9% higher than June deficit. The increase was driven by a record 10.9% increase in imports. Exports were also up by a smaller 8.1%.