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The U.S. trade deficit in goods widened 22.1% to $103.6 billion in July from $84.9 billion, according to the Commerce Department's advance estimate released Friday.
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The de minimis exemption, an obscure trade law provision, came to an end globally on Friday, setting off a panic across the retail industry.
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"This would mark the slowest rate of global growth since 2008, aside from outright global recessions," the World Bank said of its forecast.
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