REUTERS/Rafael Marchante
Container port in Lisbon, Portugal
Economists expect the trade deficit to have expanded to $38.6 billion, from $34.2 billion.
"On the imports side, higher oil prices and modestly stronger domestic activity argue for a rebound following the June drop," wrote the economists at Bank of America Merrill Lynch. "This should be partly offset by stronger exports. The global economy showed signs of recovery in July, with business confidence and activity data surprising on the upside in both the euro area and in China."