Trade figures tomorrow; Big downward revision?

Last month the market was surprised that the US trade deficit soared to $50 bln. With the economy quite sluggish, many questioned where the demand for imports came from. We will find out tomorrow when we get the data for July (and revisions for June). Should the deficit be revised downward, that would add back to the Q2 GDP calculation that was reversed so much lower the second time around.

My gut tells me we will get a revised June figure and a lower deficit than the $47 bln being forecast by economists.