U.S. trade gap surged to $US621b in 2018, 10-year high

US Trade Deficit Hits 10 Year High

Moreover, his attacks and threats to impose tariffs on trading partners from China to the European Union has also contributed to the slowdown in those economies and therefore their demand for American goods.

The Commerce Department said in a report, which was delayed by the longest partial shutdown in history, that the United States imported almost $900 billion more goods than it exported overseas, the Washington Post reported.

"The president thus begins his reelection drive with a core campaign promise unfulfilled - and with a recent flurry of economic research showing that his embrace of tariffs is damaging the US economy", The Washington Post notes. The greater reliance on Chinese imports likely reflects an acceleration in economic growth a year ago from Trump's debt-funded tax cuts, which were created to increase spending by consumers and businesses.

While goods exports hit a record $1.7 trillion in 2018, they declined in the last three months of the year, weighed by the U.S. You can't wish it away.

"We do have concerns about certain aspects of the trade policy pursued by the current USA administration", Malmstrom said in a statement last week before the meeting, according to CNBC.

When adjusted for inflation, the goods trade deficit surged $10.0 billion to a record $91.6 billion in December. Sales overseas increased 6.3 percent to $2.5 trillion previous year, also the highest level ever. Trump has complained that a stronger dollar has weakened his hand in his trade wars and put a damper on United States growth. After all, the new NAFTA looks an terrible lot like the old NAFTA, plus some language cribbed from the Pacific trade pact Trump pulled us out of.

The destructive and pointless absurdity of the Trump administration's aggressive trade policies showed up, quite predictably (to those outside the Trump administration) in a blow-out in the USA trade deficit in 2018. Mainly in retaliation against Trump's own tariffs on China.

Corey Feldman Defends Michael Jackson Over "Leaving Neverland" Allegations
John Legend has spoken up after the first part of the Michael Jackson series, Leaving Neverland , premiered on HBO . This excellent coverage of the "court of public opinion" is by Roz Weston and Graeme O'Neill of ET Canada Live .

Kelly Taken Into Custody Over Unpaid Child Support Payments
That being said, he argued that they only came out about his reported sexual abuse when they stopped 'getting money from me'. Kelly was charged last month with 10 counts of aggravated sexual abuse but he has denied wrongdoing and pleaded not guilty.

More woe for Trudeau as top minister quits
If convicted criminally, the Montreal-based company would be banned from receiving any federal government business for a decade. Prime Minister Trudeau has denied any wrongdoing in connection to Wilson-Raybould's investigation, and her demotion.

Mr McKinney said he did not know of any firm plans for a USA delegation to go back to China for further negotiations but added that such a trip would not come as a surprise.

The blow-out in the deficit was both predictable and understandable and underscores how limited the "Make America Great Again" and "America First" approach to trade is within complex global trading and financial systems. And instead of pulling back on support for technology development, Premier Li Keqiang, in his report to the national legislature on 2019 government goals, promised even more such support. Americans want to buy things affordably, and with a hot economy, there is money to buy them.

At the same time, the United States recorded surpluses with Britain and with South and Central America.

A second study by four economists from the University of California, Los Angeles; Yale University, the University of California, Berkeley; and Columbia University reached the same conclusion. "I think in agriculture, we're really concerned", Brian Duncan, vice president of the Illinois Farm Bureau, said Monday during a panel discussion hosted by the University of Chicago's Institute of Politics.

"Many Pennsylvania farmers and manufacturers have already been harmed by tariffs".

The duties cost consumers $1.4 billion a month and businesses $3 billion a month by the end of past year, according to research released last week by Mary Amiti, an economist at the Federal Reserve Bank of NY, and economists from Princeton and Columbia universities.

Related news:

Hot News

isis-killer-beheading-video-story-top Chelsea's Sarri praises recalled Kepa as keeper shines
Mar 08, 2019 - 00:45
Sarri has found himself under pressure in recent weeks due to Chelsea FC's stuttering form in all competitions. But that challenge to the Italian manager's authority has actually sparked an upturn in Chelsea's fortunes.

isis-killer-beheading-video-story-top Michael Bloomberg announces he is not running for president
Mar 08, 2019 - 00:31
The independent-turned-democratic contender had openly considered the possibility of a run to unseat President Trump for months. Bloomberg hopes Democrats ultimately adopt the plan with an eye toward enacting it into law after the 2020 elections .

isis-killer-beheading-video-story-top Beverley: Clippers 'want it more' than Lakers
Mar 08, 2019 - 00:27
As for James, he'll most likely need a miraculous postseason berth to make the fans content in Los Angeles. He didn't play after the regular season his first two years in the league.

isis-killer-beheading-video-story-top Ousted Nissan boss Ghosn leaves Japan jail after $9 million bail
Mar 07, 2019 - 03:02
Nissan Motor Co . declined comment on the criminal case but said it was working on strengthening corporate governance. The latest request was filed by a new legal team, which was appointed by the Brazilian-born executive last month.

isis-killer-beheading-video-story-top Will Smith to play Venus and Serena Williams' father in King Richard
Mar 07, 2019 - 02:18
The executive producers include Allan Mandelbaum from Star Thrower Entertainment and Caleeb Pinkett from Overbrook Entertainment. Serena is arguably the greatest ever with 23 Grand Slam titles while Venus has seven Grand Slam tournament wins.

isis-killer-beheading-video-story-top Warriors plan to sign C Andrew Bogut
Mar 07, 2019 - 02:04
Embiid is expected back in action next week and Marjanovic's return remains uncertain. However, the final decision will come down to Bogut.

isis-killer-beheading-video-story-top U.S. socialite Kylie Jenner becomes world's youngest billionaire
Mar 07, 2019 - 00:53
While Kylie's fans are celebrating her achievement, her biggest fan Diljit Dosanjh took to Instagram to celebrate her achievement. Mother Kris Jenner is a powerful entertainment manager and businesswomen with a net worth Money magazine puts at $60 million.

isis-killer-beheading-video-story-top In blow to Canadian PM Trudeau, second minister quits over scandal
Mar 06, 2019 - 01:57
New Brunswick Liberal MP Wayne Long reiterated his call for a "full and transparent investigation" into the SNC-Lavalin affair. Philpott released her resignation letter on Monday where she expressed her principled reasons for leaving the Liberal cabinet.

isis-killer-beheading-video-story-top 2 girls missing in California wilderness found safe
Mar 06, 2019 - 01:55
Before they disappeared, the girls had asked their mother, Misty Carrico, if they could go for a walk. They were cold and dehydrated, but were receiving the appropriate medical attention, he said.

isis-killer-beheading-video-story-top Gareth Bale agent hits out at "disgraceful" behaviour of Real Madrid fans
Mar 06, 2019 - 01:47
Madrid had reached at least the semifinals in eight straight seasons and hadn't failed to make it past the round of 16 since 2010. DF Raphael Varane , 6 - Things might have been different if his fourth-minute header had hit the net instead of Ajax's crossbar.

isis-killer-beheading-video-story-top Kylie Jenner is officially the world's youngest billionaire
Mar 06, 2019 - 01:42
Kylie Cosmetics a year ago signed a deal with Ulta Beauty to put her products in all of the retailer's 1,163 United States stores. She has since reversed course, however, and now says that the reason her family is no longer together is because of Thompson.

isis-killer-beheading-video-story-top Where the investigations related to President Trump stand
Mar 06, 2019 - 01:26
Trump's administration, family and business as part of a rapidly expanding Russian Federation investigation. She said this past week that the bank is cooperating with requests for documents.

isis-killer-beheading-video-story-top 4 potential Raiders draft picks who dominated the NFL Scouting Combine
Mar 06, 2019 - 01:00
Mississippi State Bulldogs defensive lineman Montez Sweat continued to impress in workouts ahead of the 2019 NFL Draft next month. Haskins would be a great pick for Denver but most draft pundits have him going off the board before the Broncos go on the clock.

isis-killer-beheading-video-story-top Owen Farrell’s welfare worry over World Rugby’s global game plans
Mar 05, 2019 - 01:44
As it stands, the World League will likely create as many problems as it solves. World Rugby has proposed a global league featuring 12 countries.

isis-killer-beheading-video-story-top Helicopter Crash in Kenya Kills 4 Americans, Kenyan Pilot
Mar 05, 2019 - 01:44
There was no immediate information on the cause of the crash, but the Police Spokesman said an investigation had been opened. Deputy President William Ruto's pilot, Captain Marius Magonga, has died in a helicopter crash in Turkana.