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US July trade deficit narrows as trade gap with China, EU shrinks

The U.S. foreign trade balance narrowed less than expected in July as the country's trade deficits with China, the European Union, Canada and Mexico shrank month over month amid global trade tensions.

The seasonally adjusted trade deficit in goods and services came in at $53.99 billion in July, narrowing from a revised $55.51 billion recorded in the prior month, according to data from the Census Bureau.

The Econoday consensus estimate was for a deficit of $53.50 billion in July.

Exports rose to $207.40 billion in July from $206.25 billion in June, while imports fell to $261.39 billion from June's $261.75 billion.

Goods exports rose to $138.16 billion from $136.94 billion, while goods imports decreased to $211.82 billion from $212.24 billion.

In services, exports and imports were little changed.

The country's seasonally adjusted goods trade deficit with China narrowed to $29.64 billion in July from $30.15 billion recorded a month ago. Exports to China decreased $300 million to $9.3 billion and imports from China decreased $800 million to $39.0 billion.

The U.S. started imposing 15% tariffs on a host of Chinese products Sept. 1, and China, which filed a complaint with the World Trade Organization over the imposition of U.S. tariffs, began imposing duties on U.S. crude oil.

Meanwhile, the goods trade deficit with the European Union slipped to $15.88 billion, while that with Japan shrank to $5.89 billion from $6.24 billion. The trade deficit with Canada reduced to $3.10 billion from a revised $3.31 billion, and that with Mexico narrowed to $8.91 billion from $9.19 billion.