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US trade deficit narrows less than expected in June

The U.S. foreign trade balance narrowed less than expected in June as both exports and imports fell amid global trade tensions.

The seasonally adjusted trade deficit in goods and services came in at $55.15 billion in June, slightly narrowing from a revised $55.34 billion in the prior month. The Econoday consensus estimate was for a deficit of $54.70 billion in June.

Exports declined to $206.30 billion in June from $210.69 billion in May, while imports fell to $261.45 billion from $266.03 billion.

Goods exports dropped to $137.14 billion from $141.03 billion in May, driven by a $1.9 billion fall in exports of consumer products, while goods imports decreased to $212.26 billion from $216.93 billion. In services, exports decreased to $69.17 billion from $69.66 billion while imports rose to $49.20 billion from $49.11 billion.

The country's seasonally adjusted goods trade deficit with China edged up to $30.15 billion in June from $30.09 billion a month prior, as exports to China slipped to $9.6 billion and imports from China dropped to $39.75 billion. U.S. President Donald Trump announced that he would impose a 10% tariff on a further $300 billion of Chinese goods, effective Sept. 1, in a move that came just after the two sides wrapped up two days of negotiations in Shanghai.

The deficit with the European Union decreased $1.0 billion to $15.9 billion in June. Exports decreased $500 million to $26.7 billion and imports decreased $1.5 billion to $42.7 billion. The deficit with Japan widened to $6.24 billion from $5.95 billion. The trade deficit with Canada shrunk to $3.34 billion from $3.44 billion, while that with Mexico grew to $9.19 billion from $9.07 billion.