Hovering imports push U.S. commerce deficit to nine-year excessive

Casey Dawson
February 7, 2018

His administration has used aggressive retaliatory measures against trading partners like China to try to bring down the deficit, but the figures released Tuesday showed the annual trade deficit rose 12 percent from 2016 to $566 billion, its highest level since 2008 and the largest increase in seven years. The administration is now renegotiating the North American Free Trade Agreement with Mexico and Canada, and Trump has repeatedly threatened to withdraw from the pact.

For goods only, the deficit also reached a year ago a record level with China to 375.2 billion, which could comfort the U.S. president in his idea to continue its commercial reprisals against Beijing. -China trade deficit increased 8.1 percent to a record $375.2 billion past year. Imports from China and Mexico hit record highs The year 2017 saw the USA importing more foreign-made cars, computers, cell phones and other consumer goods, much of which were produced in China. "The same trade policy that Trump attacked ferociously and promised to speedily replace is still in place", Lori Wallach, head of Public Citizen's Global Trade Watch, told The Hill.

Record high imports from China helped drive the deficit higher.

The worldwide trade balance deteriorated further in December as import growth continued to exceed that of exports. And he really wants to impose trade sanctions on China for the theft of USA intellectual property.

"The president's initiatives inherently take time to come to fruition", he told reporters. The economists interviewed expected a low value of 52.2 billion Dollars.

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Trade looked set to subtract more than expected from fourth-quarter annualized gross domestic product, he said in an interview, making the Bank of Canada's forecast of 2.5 percent growth "much more hard to attain".

"We have made the point that when an economy is at full employment, an acceleration in demand tends to be accompanied by a pickup in import growth and a wider trade deficit", the note said.

Exports increased $121.2 billion or 5.5 percent while imports rose $182.5 billion or 6.7 percent, according to the report.

"It was a flat month and not a great handover into 2018".

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