US Trade Deficit Surges

WASHINGTON (AP) -- The U.S. trade deficit surged in July to $63.6 billion, the highest level in 12 years, as imports jumped by a record amount.

The Commerce Department reported that the July deficit, the gap between what America buys and what it sells to foreigners, was 18.9% higher than the June deficit of $53.5 billion.

The increase was driven by a record 10.9% increase in imports. Exports were also up by a smaller 8.1%.