Economy

US Current Account Deficit Hits $123.1 Billion in Q2

US Current Account Deficit Hits $123.1 Billion in Q2”

The U.S. has run persistent trade deficits for decades by importing more than it exports. The prior quarter (1Q) came in at -113.5B vs -116.8B.

The current account reveals if a country is a net lender or debtor.

Donald Trump's administration has made reducing the deficit a focus. The federal government collected fewer fines and penalties from foreign sources. That category had risen sharply in the first quarter.

These changes were partly offset by a $1.6 billion increase in the surplus on services.

As a proportion of economic activity, the country's current account deficit clocked-in at 2.6% of gross domestic product, up from 2.4% in the first quarter.

Imports of goods and services and income payments increased $11.8 billion to $959.9 billion.

The deficit amounted to 2.6% of GDP in the second quarter.

Trump says America's trade deficits have been caused by bad trade deals and abusive practices by China and other US trading partners.

But analysts say the deficit shows strong demand from foreigners for U.S. investments, which can sustain American spending on foreign goods and the like.



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