September 3, 2020
“The U.S. trade deficit swelled to the widest in 12 years in July, with the surplus on services plunging to the lowest since 2012, pointing to a bumpy economic recovery ahead. The overall gap of goods and services expanded to $63.6 billion in July from a revised $53.5 billion in June, according to Commerce Department data released Thursday. The median estimate of economists surveyed by Bloomberg had called for a widening to $58 billion. The positive balance on services declined for the first time in three months, dropping to $17.4 billion.”
Europe Pledges Push to Cut Reliance on Imported Raw Materials
Decoupling With U.S. Would Cut China’s Growth to 3.5%, Says Study
“The worsening conflict between China and the U.S. has damaged bilateral trade, but a complete decoupling between the two largest global economies would be even more damaging to China’s long-term growth prospects, according to Bloomberg Economics. The country’s potential growth rate could fall to about 3.5% in 2030 if it decouples with the U.S., Bloomberg Economists Tom Orlik and Bjorn van Roye wrote in a note. That’s down from the current forecast of 4.5%, which assumes relations remain broadly unchanged.”
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