U.S. trade deficit jumped to 10-year high; record gap with China GlobeBusiness
The U.S. trade deficit jumped nearly 19 per cent in December, pushing the trade imbalance for all of 2018 to widen to a decade-long high of $621-billion. The gap with China on goods widened to an all-time record of $419.2-billion.
But America’s dependence on imports appears to have increased after the tariffs that Trump imposed last year on foreign steel, aluminum and Chinese products. An acceleration in economic growth last year from Trump’s debt-funded tax cuts helped to boost the appetite for foreign goods.The gap between what the United States sells and what it buys from other countries rose to $59.8-billion in December from $50.3-billion in November, the Commerce Department said.
December’s trade imbalance worsened because U.S. imports rose 2.1 per cent as Americans bought more household appliances, cellphones and computer products from abroad. Simultaneously, U.S. exports fell 1.9 per cent as foreign demand for civilian aircraft and oil products declined.
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