A coalition of top economists has filed a legal brief with the U.S. Supreme Court arguing that President Donald Trump’s sweeping tariff strategy will worsen — not reduce — the U.S. trade deficit.
The U.S. trade deficit surged to $78.3 billion in July—its highest level in four months—driven by a sharp spike in imports ahead of expected tariff increases. The Commerce Department reported Thursday that the gap jumped 32.5% from June’s revised $59.1 billion, marking the steepest monthly deterioration in nearly a year.
