U.S. trade deficit reaches $73.3 billion in June, inflation slows down

The U.S. trade deficit stood at $73.3 billion in June. Market expectations were for a deficit of $73 billion. In May, the deficit was recorded at $77.6 billion. A deterioration was also observed in the trade balance between the U.S. and China, with a deficit of $73.86 billion in June. In May, the U.S. had a surplus of $9.57 billion against China. The average price of oil imported by the U.S. in June was $86.06 per barrel, down from $87.44 in May. Treasury Secretary Scott Bessent expressed expectations for energy prices to decline over time and mentioned that an agreement could be reached in the Strait of Hormuz soon. Bessent noted that core inflation remains calm in the inflation outlook and expressed confidence that the Fed will strike a balance between growth and inflation targets. He also stated that Japan is experiencing inflation problems due to the weakness of the yen and that the U.S. will provide support to Japan. Canada’s trade surplus exceeded expectations at 3.86 billion Canadian dollars.

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