At its highest in 2 years. The US trade balance is still as unbalanced as ever. In July, the deficit stood at $78.8 billion, up more than 7% compared to the same month in 2023. Over the first seven months of the year, the deficit already stands at $505 billion compared to $469 billion for the first seven months of 2023. The trend towards a further deterioration is back. The introduction of customs duties under the Trump administration and that decided by Joe Biden to try to resolve this imbalance have had little effect.