The U.S. trade deficit spiked to $63.6 billion during the month of July, a rate not seen since the Great Recession in 2008, according to data released Thursday by the Commerce Department.
Imports since June increased by $22.7 billion, while exports only increased by $12.6 billion — an 18.9 percent increase in one month.
The deficit is dictated by the number of goods the U.S. purchases from other countries, compared to the amount of U.S. goods sold abroad.
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