The US trade deficit increased by 9.5 % to a five - month high of $ 50.1bn in July , the Commerce Department said . The import bill was also inflated by petroleum imports, which were the highest since December 2014 amid higher oil prices. Exports of soyabeans and civilian aeroplanes increased while imports reached a record high . The government 's implementation of a $ 1.5tn tax cut earlier this year could increase the trade deficit further by boosting consumer and business spending , which in turn could increase imports , according to economists including John Ryding of RDQ Economics .
The US trade deficit increased by 9.5 % to a five - month high of $ 50.1bn in July , the Commerce Department said . Exports of soyabeans and civilian aeroplanes increased while imports reached a record high . The government 's implementation of a $ 1.5tn tax cut earlier this year could increase the trade deficit further by boosting consumer and business spending , which in turn could increase imports , according to economists including John Ryding of RDQ Economics .