00:00We're getting at the heart of why GDP was weak in the second quarter, basically because of imports into the
00:07United States.
00:08The trade balance comes in at negative 73.3 billion, which is a little worse, not too much worse than
00:14the trade balance was forecast to be.
00:17But imports were down 1.8 percent, exports down 0.9 percent.
00:22Now, what we've added in here is services. In the preliminary report on trade, it was $101 billion negative because
00:32we had a big rise in imports based on AI, people bringing in goods to satisfy the demand for AI
00:39construction.
00:40And also, some, they said, getting ahead of the tariffs that the president has just reimposed.
00:46So what we're looking at here is AI-induced weakness in the second quarter. The question is, is it going
00:53to reverse in this current quarter?
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