US trade deficit hits 10-year high in 2018 on record imports from China
Politically sensitive trade deficit with China increases 11.6% to an all-time high of $419.2bn in 2018
Washington — The US 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 commerce department said on Wednesday that an 18.8% jump in the trade deficit in December had contributed to the $621.0bn shortfall last year. The 2018 deficit was the largest since 2008 and followed a $552.3bn gap in 2017. The trade deficit has deteriorated despite the White House's protectionist trade policy, which President Donald Trump said is needed to shield US manufacturers from what he says is unfair foreign competition. The US in 2018 imposed tariffs on $250bn worth of goods imported from China, with Beijing hitting back with duties on $110bn worth of American products, including soybeans and other commodities. Trump has delayed tariffs on $200bn worth of Chinese imports as negotiations to resolve the eight-month trade w...
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