By Marcus Leach

On the same day the UK trade deficit widened the US have experienced a similar fate as theirs reached its highest level in thirty-one months.

Data released by the Commerce Department shows that the deficit has widened to $50.2 billion (£31.7 billion) in May as oil imports surged.

Due to the increase in oil prices imports reached their second highest level on record.

The unexpected 2.6% rise in imports to $225.1bn may prompt economists to revise US domestic growth figures.

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