U.S. trade deficit jumps 6.7% to record high

 The trade gap widened to $75.7 billion

Imports rose 2.1% to $283.4 billion

Exports edged up 0.6% to $207.7 billion

MarketWatch 5 August 2021

https://www.marketwatch.com/story/u-s-trade-deficit-jumps-6-7-to-record-high-as-imports-surge-11628167978

https://www.census.gov/foreign-trade/Press-Release/current_press_release/ft900.pdf

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We’d buy cheap goods made in other countries, and they’d buy our expensive services, and it would all balance out. That was the rationale. 

Few economic rationales have failed more spectacularly.

Wolf Richter 4 May 2021

https://englundmacro.blogspot.com/2021/05/services-trade-surplus-american-dream.html

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