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US Trade Deficit Narrows as Petroleum Imports Fall

The U.S. trade deficit narrowed more than expected in June as petroleum imports dropped to a 3-1/2 year low, suggesting that trade was less of a drag on second-quarter economic growth than initially thought. The Commerce Department said on Wednesday the trade gap dropped 7.0 percent to $41.5 billion, the lowest reading since January. May's trade deficit was revised up to $44.7 billion. Economists polled by Reuters had expected the deficit to widen slightly to $44.7 billion in June...

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