America’s import engine kicked into overdrive just as tariffs were supposed to hit the brakes. The US trade deficit jumped 13.8% in August to $105.6B, topping estimates and widening for the second straight month. Even so, the trade gap through the first eight months of 2026 remains roughly 20% smaller than a year ago.
- Imports climbed 4.3% to $420.8B against $315.2B in exports, as businesses brought in more industrial supplies and capital goods.
- Crude oil imports rose $3.3B, nonmonetary gold added $3.1B and semiconductor imports climbed $2.4B, driving some of the month’s biggest increases.
Chips and barrels: Semiconductor, computer, and accessory imports are up $234B through the first eight months of the year versus the same period in 2025, with electronics largely exempt from tariffs. Goldman Sachs trimmed its Q3 growth tracker to 3.1%, while Capital Economics cut the GDP growth closer to 2.5%. Nationwide’s Oren Klachkin called the widening deficit “a sign of strong domestic demand, not economic weakness.”
