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U.S. Trade Deficit Hits 10-Year High
The U.S. goods and services trade deficit grew by $69 billion to a 10-year high of $621 billion in 2018, according to government data.
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The U.S. goods and services trade deficit grew by $69 billion to a 10-year high of $621 billion in 2018, according to the U.S. Bureau of Economic Analysis.
Last year the country’s exports grew by $149 billion to $2.5 trillion. But imports rose by a $218 billion to $3.1 trillion, the bureau reports.
The trend is counter to President Donald Trump’s efforts to shrink the trade gap, which he blames on unfair trade practices by other countries. But economists point out that a faster-growing economy, another Trump priority, tends to generate greater import volumes as consumer spending rises.
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