Breaking: US trade deficit hits highest level since 2008
February 6, 2018
Trump previously blamed America’s “stupid” leaders for allowing such a large trade deficit and promised to equalize it in a single day, but since taking office the U.S. trade deficit has only increased, and has now hit the highest level since 2008.
Associated Press: US trade gap hits $566 billion in 2017, highest since 2008
The U.S. trade deficit hit the highest level in nine years in 2017, defying President Donald Trump’s efforts to bring more balance to America’s trade relationships.
The Commerce Department says the trade gap in goods and services rose to $566 billion last year, highest since $708.7 billion in 2008. Imports set a record $2.9 trillion, swamping exports of $2.3 trillion.
The U.S. ran an $810 billion deficit in the trade of goods and a $244 billion surplus in services such as banking and education. The goods deficit with China hit a record $375.2 billion in 2017, and the goods gap with Mexico rose to $71.1 billion. Trump has sought to reduce the deficits with China and Mexico.