美国8月贸易逆差扩大至1056亿美元，创17个月最大
美国8月商品与服务贸易逆差扩大至1056亿美元，较7月修正后的928亿美元增加127亿美元（+13.7%），超出市场预期的1020亿美元，为2025年3月以来最大单月逆差。
进口环比增加172亿美元至4208亿美元，出口仅增45亿美元至3152亿美元。商品逆差扩大128亿美元至1366亿美元，服务顺差基本持平于310亿美元。
市场选择了乐观解读：7-8月商品逆差主要由与 AI 投资相关的资本品进口驱动——一个以如此速度进口服务器、网络设备和电力设备的国家，是在建设产能。亚特兰大联储 GDPNow 模型将三季度增长预期微调至3.7%年化。但净出口已连续三个季度拖累 GDP，部分测算认为三季度拖累幅度高达2.5个百分点。（综合 TradingNews、路透社报道）
US Trade Deficit Widens to $105.6B in August, Largest in 17 Months
The US goods and services trade deficit widened to $105.6 billion in August from a revised $92.8 billion in July — up $12.7B (+13.7%), above the $102B consensus and the largest monthly gap since March 2025.
Imports rose $17.2B to $420.8B while exports added just $4.5B to $315.2B. The goods deficit grew $12.8B to $136.6B; the services surplus was little changed at $31B.
Markets chose the constructive read: the deficit is driven by capital-goods imports tied to AI investment — a country importing servers, networking gear and power equipment at this pace is building capacity. The Atlanta Fed's GDPNow still tracks Q3 growth at 3.7% annualized. Still, net exports have subtracted from GDP for three straight quarters, with estimates of up to 2.5 points of drag in Q3. (Via TradingNews, Reuters)
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