Asia Bizz: Huge Trade Deficit Witnessed In US In The Month Of June
The US government witnessed a huge trade deficit in the month of June, as there was a trade gap of 18.8% in the import and export charts. Imports went skywards, after there were huge quantities of imports from the Chinese and exports from US fell tremedously, as per reports on Wednesday.
The trade gap amounted to a mind staggering $49.9 billion, something that was not seen since October 2008. Imports in the US totalled to $200 billion in the month of June, and there was huge soar in the imports from China.
US on the other hand, will need to move quickly on its trade management, as China is likely to intensify its exports to America, since it wants to strengthen its currency compared to the American Dollar. China’s Yuan has been down and low since the past two years, but still the experts claim that the Yuan has been undervalued by at least 25%.