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U.S. July Trade Deficit Jumps 33% on Import Surge, Led by Swiss Gold

Tariff confusion, including over whether Swiss shipments of gold faced duties, spurred a rush of imports.

A truck carries a container near a cargo ship bound for Japan at the Centerm container ship terminal at the Port of Vancouver in Vancouver, British Columbia, Canada August 3, 2025. REUTERS/Chris Helgren/File Photo
Containers sit at the Port of Los Angeles, in San Pedro, California, U.S., July 8, 2025. REUTERS/Daniel Cole/File Photo
Trucks stack shipping containers at the Port of Montreal. Canada's overall exports rose by 0.9 per cent in July.
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Overview

  • The overall U.S. trade gap widened to $78.3 billion in July as imports climbed by about $20 billion to $358.8 billion and exports edged up to $280.5 billion, according to the Commerce Department.
  • Nonmonetary gold imports rose by $9.6 billion, largely from Switzerland, swelling the bilateral shortfall with that country to $7.7 billion and driving a big share of the monthly jump.
  • The goods deficit widened to $103.9 billion, the gap with China increased by $5.3 billion to $14.7 billion, and services exports reached a record $101.0 billion even as services imports also hit a record.
  • An appeals court ruling that most of President Trump’s duties were illegal added to policy uncertainty for businesses weighing shipments and sourcing decisions.
  • Canada’s merchandise deficit narrowed to C$4.94 billion as crude oil and passenger car exports to the U.S. rose and its surplus with the United States widened to C$6.7 billion.