The U.S. trade deficit increased sharply in June as surging oil prices pushed the cost of petroleum imports to an all-time high.
The Commerce Department reported that the imbalance between what America sells abroad and what it imports rose to $58.8 billion in June, an increase of 6.1 percent from the May deficit of $55.4 billion. So far this year, the trade deficit is running at an annual rate of $686 billion, 11 percent higher than last year’s record of $617.6 billion.
