Shipping containers are stacked for storage at Wando Welch Terminal operated by the South Carolina Ports Authority in Mount Pleasant, South Carolina, U.S. May 10, 2018. REUTERS/Randall Hill
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The U.S. trade deficit fell to a seven-month low in April as exports rose to a record high, lifted by an increase in shipments of industrial materials and soybeans.The so-called real trade deficit is below its $82.5 billion average in the first quarter.Economists say tariffs will do little to shrink the trade deficit, partly because of the dollar's status as the global reserve currency and the low U.S. saving rate, including a fiscal deficit that has been blown up by a $1.5 trillion tax cut package.The politically sensitive goods trade deficit with China increased 8.1 percent to $28.0 billion in April.The U.S. had a $0.8 billion goods trade deficit with Canada and a $5.7 billion shortfall with Mexico.Exports of goods and services rose 0.3 percent to a record $211.2 billion in April. Imports of goods and services slipped 0.2 percent to $257.4 billion in April. Imports of consumer goods dropped $2.8 billion, weighed by a $2.2 billion decline in imports of cellphones and other household goods.
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