In Trump's first year, America's trade deficit actually got worse
In Trump's first year, America's trade deficit actually got worse
US Trade Deficit Jumped by 12.1% in 2017
07 February, 2018, 01:17
Exports rose 1.8 percent to $203.4 billion in December from the previous month, led by record shipments of capital goods and gains in industrial supplies and materials.
Government data released Tuesday showed the trade deficit increased due to record imports, which is partly a sign of a healthy economy, as well as rising oil prices. The administration is now renegotiating the North American Free Trade Agreement with Mexico and Canada, and Trump has repeatedly threatened to withdraw from the pact.
The U.S. trade deficit increased by more than $61 billion in 2017, the Commerce Department announced on Tuesday - an expected rise that sparked wildly different reactions and interpretations of the Trump administration's effect on the economy.
The increase in the trade deficit is highly sensitive at present given the Trump administration´s current crusade to simultaneously boost economic growth but improve the balance of trade. The fourth quarter was one of the worst; in December, the "trade deficit in goods and services rose to $53.1 billion, up from $50.4 billion in November and highest since October 2008", the AP reported.
For the time being though, it should not provide reason to worry because growing imports went along with rising United States exports a year ago.
Trade looked set to subtract more than expected from fourth-quarter annualized gross domestic product, he said in an interview, making the Bank of Canada's forecast of 2.5 percent growth "much more hard to attain". Strong consumer demand drives imports higher, effectively exporting US prosperity to China and other exporters.
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Record high imports from China helped drive the deficit higher.
Trump has said he plans to take a more forceful stance to bring down America's trade deficit.
Trade deficits are caused when a country's imports exceed its exports.
Economists said the rise in the USA trade deficit was mainly the result of higher demand from consumers and companies, showing that the USA economy gathered speed in 2017.
The commodity trade with China increased by 8.1% previous year to a record 375.2 billion Dollars.
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