The U.S. trade deficit surged to a 10-year high in 2018, with the politically se...
WASHINGTON - 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 United States last year imposed tariffs on $250 billion worth of goods imported from China, with Beijing hitting back with duties on $110 billion worth of American products, including soybeans and other commodities. Trump has delayed tariffs on $200 billion worth of Chinese imports as negotiations to resolve the eight-month trade war continue.
When adjusted for inflation, the goods trade deficit surged $10.0 billion to a record $91.6 billion in December. The jump in the so-called real goods trade deficit suggests that trade was probably a bigger drag on fourth-quarter gross domestic product than initially estimated by the government. The ADP report is not considered a reliable predictor of the private payrolls portion of the government’s employment report because of differences in methodology.
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