Trade reports are like oceans. Much of the action happens beneath the surface.
That is the lesson of the June trade report. On the surface, the headline number improved. The U.S. goods and services trade deficit fell by $4.4 billion, or 5.6 percent, to $73.3 billion. The goods deficit fell to $102.1 billion, while America’s services surplus rose to $28.8 billion.
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