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Today’s revised second quarter GDP figures show that U.S. trade remains a disaster area for the U.S. economy, but slightly less of one that the initial estimates indicated. Inflation-adjusted U.S. imports remained at record levels while the growing trade shortfall kept slowing the still subpar U.S. recovery, and keeps taking its greatest toll in the private sector. Meanwhile, the President’s export-doubling commitment looks more fanciful than ever, having achieved barely one-third of its goal with half a year left. Here are the highlights.

>The new GDP data for the second quarter reveal that the annualized inflation-adjusted U.S. trade deficit grew from the first quarter’s $447.2 billion to $463.5 billion, not the $470.3 billion first reported. Annualized real exports rose by 10.1 percent (rather than 9.5 percent) while imports grew by 11.0 percent (not 11.7 percent).

>Second quarter annualized real imports retreated from their originally estimated $2.5437 trillion, but at $2.5397 trillion still represented an all-time U.S. high – even though America’s inflation-adjusted oil imports continued their significant decline. The export total of $2.0762 trillion was revised upward from $2.0734 trillion, and still stands as the second highest total on record (after the $2.0765 trillion level hit in the fourth quarter of 2013).

>The new, narrower real trade deficit means that the trade shortfall’s drag on second quarter growth fell from 0.61 to 0.43 percentage points. The trade drag in the weather-affected first quarter was 1.66 percentage points – the largest ever for a non-recessionary quarter.

>Nonetheless, the trade deficit’s widening from $366.3 billion in the second quarter of 2009 means that worsening trade flows have reduced the American economy’s cumulative growth during the current economic recovery by 5.93 percent. Nearly all this damage, moreover, has come in the private sector.

>Doubtless greater still has been the growth-killing impact of U.S. trade flows affected heavily by trade agreements and other American trade policy decisions, since these new quarterly figures, as indicated above, also include a dramatically shrinking trade shortfall in energy products.

>A more complete analysis of the impact of trade policy on economic growth will be possible next week, when the July monthly trade figures are released. The prior June figures, however, revealed that the policy-driven trade deficit fell off from its May level of $49.04 billion (an all-time record) to a still high $46.73 billion in June.

>The new GDP figures also make clearer than ever the hubris of President Obama’s export-doubling goal. Mr. Obama believed that his efforts could help America’s overseas sales rise by 100 percent between the first quarter of 2009 (when he began his presidency) through the end of 2014. With 2014 now half completed in a data sense, real U.S. exports during this period are up only 35.23 percent.