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The U.S. trade deficit widened in December to its highest level since 2008, highlighting the urgent need for an “American First” trade policy.
The trade deficit rose 5.3 percent in December to $53.1 billion, more than expected by economists. For the entire year, the trade gap jumped 12.1 percent to a nine-year high of $566 million, according to data released by the Commerce Department Tuesday.
Trade - Gap - Exports - Percent - High
The trade gap widened despite exports rising 1.8 percent and hitting an all-time high of $203.4 billion. Imports, however, rose by more: 2.5 percent to $256.5 billion.
A widening trade deficit threatens to undermine the Trump administration’s goal of achieving 3 percent or better economic growth. Trade deficits subtract from gross domestic product. In the fourth quarter of 2017, a larger than expected trade deficit depressed economic growth by slightly...
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