U.S. trade deficit soars to 10-year high in 2018, dealing blow to Trump
- 5 years ago
The U.S. trade deficit with the rest of the world jumped to a 10-year high last year.
This comes despite President Trump's "America First" policies aimed at shrinking the trade gap and increasing American exports.
Data from the Commerce Department showed the deficit in 2018 soared to 621 billion dollars.
The deficit in goods and services during December also hit a near 10-year high of nearly 60 billion dollars.
The rise was in part due to factors out of President Trump's control, such as a global economic slowdown and a relatively strong greenback.
Both have weakened foreign demand for American goods and services.
But, Trump's one and-a-half billion-dollar tax cut and the trade war he escalated last year have also played a part.
This comes despite President Trump's "America First" policies aimed at shrinking the trade gap and increasing American exports.
Data from the Commerce Department showed the deficit in 2018 soared to 621 billion dollars.
The deficit in goods and services during December also hit a near 10-year high of nearly 60 billion dollars.
The rise was in part due to factors out of President Trump's control, such as a global economic slowdown and a relatively strong greenback.
Both have weakened foreign demand for American goods and services.
But, Trump's one and-a-half billion-dollar tax cut and the trade war he escalated last year have also played a part.