Trump dealt blow as US trade deficit jumps

Published on : March 07, 2019 Topic : Global Trade
whatsapp           

The trade deficit is the difference between how much goods and services the US imports from other countries and how much it exports.

Reducing the gap is a key plank of Mr Trump's policies.

But in 2018, the US exported fewer goods compared with how much it bought.

A quick guide to the US-China trade war
Trade wars, Trump tariffs and protectionism explained
Mr Trump claims that the US is being "ripped off" by other nations and wants countries to lower their tariffs on US goods and buy more of them.

However, official data shows that while exports of US goods and services rose by USD148.9bn last year, imports jumped by USD217.7bn.

It means that the gap is the widest since 2008, when the global financial crisis hit and the US fell into recession.

The deficit in goods and services during December also hit a near 10-year high of USD59.8bn.

Exports to the rest of the world fell 1.9% to USD205.1bn, while imports rose by 2.1% to USD264.9bn.

'Tariff man'
The US is currently locked in a trade battle with China over what it claims are unfair trade practices, resulting in tit-for-tat tariff increases on each others' goods.

 

New data shows that the trade gap between the US and China widened last year by USD43.6bn to USD419.2bn as exports of American products and services fell, but imports from China rose.

Source: BBC News
Know Our Products to Grow Your Business
Get U.S. Trade Data to Track Your Competitor Shipments
Subscribe to Receive our Daily Newsletter and Keep up-to-date with Latest Global Trade News.