US trade deficit just hit a 10-year high due to record shortfall with China
The U.S. trade deficit surged to a 10-year high in 2018, with the politically sensitive shortfall with China hitting a record peak, despite the Trump administration slapping tariffs on a range of imported goods in an effort to shrink the gap.
The trade deficit has deteriorated despite the White House’s protectionist trade policy, which President Donald Trump said is needed to shield U.S. manufacturers from what he says is unfair foreign competition. The United States has also slapped duties on imported steel, aluminum, solar panels and washing machines. The goods trade deficit with China increased 11.6 percent to an all-time high of $419.2 billion in 2018. The United States had record imports from 60 countries in 2018, led by China, Mexico and Germany. Imports of good hit a record $2.6 trillion last year.
The release of the December report was delayed by a 35-day partial shutdown of the government that ended on Jan. 25.
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