US trade deficit widens to 7-month high

Added On November 5, 2018

U.S. trade deficit widened to a seven-month high in September as imports hit a record high and exports bounced back.
U.S. Commerce Department says the country's goods and services deficit in September climbed to 54 billion U.S. dollars, the biggest trade gap since February.
The country’s imports rose 1.5 percent to a record high of 266.6 billion dollars in September, whereas exports bounced back 1.5 percent to 212.6 billion dollars.
Its soybean exports also dropped a whopping 29 percent to 1.79 billion dollars due to retaliatory tariffs on U.S. agricultural products.
Analysts believe that the rising import tariffs and a strong U.S. dollar is behind the widened trade deficit.