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US trade deficit rises in August as exports slip

The U.S. trade deficit continued to widen in August as imports outpaced exports, the Department of Commerce reported.

The goods and services deficit grew to $53.24 billion from the revised $50.04 billion in July. Econoday had forecast that the trade gap would tick up to $53.7 billion.

Exports declined to $209.43 billion from $211.10 billion, while imports rose to $262.67 billion from $261.14 billion. Exports of soybeans, one of the targets of China's retaliatory tariffs, declined to $2.58 billion from $3.60 billion.

The U.S. trade gap with China rose to $34.42 billion from $34.14 billion on a seasonally adjusted basis. The deficit with the EU widened to $14.87 billion from $14.52 billion, while that with Canada narrowed to $2.96 billion from the revised $3.27 billion.

Year-to-date, the goods and services deficit increased $31.0 billion, or 8.6%, from the same period in 2017.