The U.S. trade deficit widened in 2018 to a 10-year high of $621 billion, bucking President Trump’s pledges to reduce it.
The U.S. flag flies over shipping cranes and containers in Long Beach on March 4. The skyrocketing U.S. trade deficit last year hit the highest level in a decade, a major setback for President Trump's global trade offensive.
For goods only, the U.S. deficit with the world surged to a record $891.3 billion in 2018 from $807.5 billion the prior year. The merchandise deficits with Mexico and the European Union also hit records. Meanwhile, the surplus in services kept rising, hitting a record $270.2 billion last year. The figures follow last week’s initial report on fourth-quarter gross domestic product, which showed net exports were a drag on growth for the fourth time in five quarters.and other U.S. trading partners along with the renegotiation of NAFTA as efforts that will help reduce the U.S. trade deficit.The tariffs he threatened and then imposed on Chinese imports caused a rush by importers to get ahead of the new duties that fueled an increase in incoming traffic at West Coast ports last year.
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