A report released by the Commerce Department on Tuesday showed a substantial increase in the size of the U.S. trade deficit in the month of May.
The Commerce Department said the trade deficit widened to $77.6 billion in May from a revised $54.6 billion in April.
Economists had expected the trade deficit to surge to $78.7 billion from the $55.9 billion originally reported for the previous month.
The substantially wider trade deficit came amid a sharp increase in the value of imports and a steep drop in the value of exports.
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