US Trade Deficit Is Wider Than Any Month or Year Since 2008

07 February, 2018, 01:10 | Author: Dustin Murphy
  • US Trade Deficit

United States trade deficit widened by 12.1% to 566 billion dollars in 2017, said Tuesday the Department of Commerce, noting that this is the largest increase since 2009-2010. To achieve this, he has threatened to cancel trade agreements such as the TPP (Trans-Pacitic Partnership) with Pacific Rim countries and the North American Free Trade Agreement (NAFTA) with Canada and Mexico.

The US trade gap surged to its highest level in almost a decade during President Donald Trump's first year in office - more unwelcome economic news after Wall Street suffered historic losses, and setting up a test of confidence for his administration. For the entire year, the trade gap jumped 12.1 percent to a nine-year high of $566 million, according to data released by the Commerce Department Tuesday.

The U.S. imported numerous foreign-made goods in 2017, many of which were produced in China. The huge deficit in the fourth quarter of 2017 prevented the USA from reaching the 3.0 percent economic growth in the third quarter, a feat last seen in 2005.

Imports from Mexico also hit a new record high.

The commodity trade with China increased by 8.1% a year ago to a record 375.2 billion United States dollars.

The numbers come after Trump claimed in his State of the Union address that the US had "finally turned the page on decades of unfair trade deals that sacrificed our prosperity and shipped away our companies, our jobs, and our nation's wealth". Both showed the biggest gains since 2011.

America's shortfall in trade with the rest of the world widened at the end of 2017 as imports continued to run ahead of exports, boosted by strong domestic demand.

The December goods-and-services gap was wider than the median estimate of economists surveyed by Bloomberg for $52.1 billion.

In 2017, "the goods deficit with China hit a record $375.2 billion" and the deficit with Mexico swelled to $71.1 billion, up from $55.6 in 2016.

Imports surged to $2.9 trillion, easily eclipsing $2.3 trillion in USA exports.

"It was a flat month and not a great handover into 2018". Trade deficits subtract from gross domestic product.


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