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.

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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.

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