The US trade deficit widened in July as soaring imports outpaced exports, signaling strong domestic demand but raising concerns over the trade gap’s impact on economic growth, according to official data released by Reuters.
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JPMorgan warns of a tariff-driven “stagflationary” slowdown in the US economy by 2025, citing rising costs and sluggish growth. The bank highlights risks of prolonged inflation paired with stagnant demand.
In a meeting with business leaders, former President Trump said he needs a “little bit of time” to address the shrinking US economy, which recently entered a recession, according to BBC reports.