June trade deficit widened to -$46.3b from..>

US DATA: June trade deficit widened to -$46.3b from -$43.2b in May, a 

slightly wider gap than -$46.1b exp. The census goods gap was revised to 

-$67.9b from -$68.3b in the advance estimate. 

- The impact of tariffs is hard to isolate, but the sharp narrowing of 

the gap in May, followed by a return to a more trend level in June, 

likely reflects front running of the June tariffs.

- Exports fell in June on declines in consumer goods (-$1.4b), capital 

goods (-$0.9b), and autos (-$0.7b), offset by a sharp energy related 

$2.0b rise in industrial supplies.

- Imports rose on gains in consumer goods (+$2.0b), industrial supplies 

(+$0.9b), an autos (+$0.5b), but capital goods exports fell by $1.5b.

- The NSA trade gap with China widened only modestly to -$33.5b from 

-$33.2b in May, while the trade gap with Canada jumped to -$2.0b from 

-$1.5b and the gap with Mexico widened to -$7.4b from -$6.7b, all three

well above their year ago levels.