The US Census Bureau reported a significant increase in its trade deficit in August.

Iran PressAmerica: The US trade deficit rose to a record high of $ 67.1 billion in August, up 5.9 percent from July, according to the US Census Bureau on Tuesday.

The US trade deficit (the gap between exports and imports) was $ 63.3 billion in July.

US President Donald Trump promised during the 2016 election campaign to quickly reduce the country's trade deficit, especially in trade with China.

Despite US trade wars with some trading partners and renegotiations of the NAFTA North American Free Trade Agreement with Canada and Mexico, the US trade deficit remains high.

The US Treasury Department recently announced that the US government's debts have increased due to the costs of the Coronavirus, and next year, the country's debts will exceed GDP.

The US budget deficit will increase to $ 3.3 trillion by the end of this year, according to new estimates from the Congressional Budget Office.

The report from the Congressional Budget Office also states that the increase in US debt will continue this year and will be equivalent to 98% of the US GDP.


Read More:

US deficit will extend to $3.7 trillion: Congress Budget Office

US trade deficit rises to $100 billion, 10-year higher