WASHINGTON, DC – Today, the Joint Economic Committee released its analysis of the latest monthly trade update based on information compiled from the Bureau of Economic Analysis, U.S. Census Bureau, Treasury Department, and the Bureau of Labor Statistics. The July trade deficit of $78.3 billion is the largest since March 2025 when it peaked to $136.42 billion ahead of the Trump administration's historic tariff announcement. 

Total imports ended the month at $358.78 billion, up $20.04 billion from June, yet two percent below the 12-month average. Total exports were up month- over-month as well, ending July at $280.46 billion, an increase of $814 million from June and one percent above the 12-month average. The U.S. continues to import the most from China, Mexico, Vietnam, Ireland and Taiwan. The largest export partners include Canada, Mexico, China, Netherlands and the United Kingdom. 

Notably, July exports of services ($101.1 billion) and imports of services ($75.5 billion) were both the highest on record. Exports of capital goods ($59.9 billion) and imports of capital goods ($96.2 billion) also reached record levels. 

Increased tariffs by the Trump Administration on U.S. trading partners are definitely impacting U.S. import duties. In July 2025, the U.S. calculated $28.09 billion in import duties, which is 117.20 percent higher than the 12-month average. Over the 12-month period between July 2025 and July 2024, the U.S. calculated $155.17 billion in import duties. The JEC projects the total import duties for FY2025 will be roughly $190 billion, the highest ever for the United States. 

For the full update, with greater detail of the U.S.' exports, imports, duties and trading partners, visit https://www.jec.senate.gov/public/index.cfm/republicans/trade-update/. 

 

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Upcoming Releases Available on the JEC Republican Website

 

Date	Time	Release	Data source
Sep 05	08:30 AM	Monthly Employment Update, August 2025	Bureau of Labor Statistics
Sep 08	10:00 AM	Monthly Debt Update, September 2025	U.S. Treasury
Sep 11	08:30 AM	Monthly Inflation Update, August 2025	Bureau of Labor Statistics
Sep 12	10:00 AM	Monthly Fiscal Update, August 2025	U.S. Treasury
Sep 19	10:00 AM	State Employment Update, August 2025	Bureau of Labor Statistics
Sep 25	08:30 AM	Monthly GDP Update, Q2 2025 Third Estimate	Bureau of Economic Analysis
Sep 26	08:30 AM	Monthly Expenditures Update, August 2025	Bureau of Economic Analysis
Oct 03	08:30 AM	Monthly Employment Update, September 2025	Bureau of Labor Statistics