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U.S. Trade Deficit Rose to 9-Year High in 2017
The U.S. trade deficit for goods and services grew 12% to $556 billion last year, its highest level since 2008, according to the Dept. of Commerce.
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The U.S. trade deficit for goods and services grew 12% to $556 billion last year, its highest level since 2008, according to the Dept. of Commerce.
The department reports that the country’s global trade imbalance in December rose 5% to $50.4 billion. The deficit was led by shortfalls with China ($34 billion) and the European Union ($17.2 billion). The U.S. deficits for the full year also were led by China ($375 billion) and the EU ($151 billion).
The U.S. trade deficits last year with Mexico and Canada—a focal point in talks to renegotiate the North American Free Trade Agreement—grew to $71 billion and $18 billion, respectively. The imbalance in December was $6.1 billion with Mexico and $1.4 billion with Canada.
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