It looks like the global economic slowdown is hurting US economic growth.
Data on Tuesday showed that US exports fell 1.0 percent in July. Exports to the European Union in particular fell 11.7 percent.
Imports fell 0.8 percent, thanks to a fall in oil prices.
If global economic weakness is hurting US exports, it is just as well that there was some positive data from China on Tuesday.
According to a report from the People's Bank of China, Chinese banks extended 703.9 billion yuan of new local-currency loans in August, a sharp increase from 540.1 billion yuan in July.
Also on Tuesday, China's Premier Wen Jiabao said that the economy is showing signs of stabilising and is on course to meet its 2012 growth target.