The U.S. trade deficit in goods with China set a new record, despite Trump's efforts to rein in what the administration views as Beijing's trade transgressions
The U.S. trade deficit in goods with China set a new record during President Donald Trump’s second year in office, despite his efforts to rein in what the administration views as Beijing's trade transgressions. The trade gap rose to $419.2 billion billion in 2018, from the previous record of $375.
Trump also levied tariffs of 10 percent on aluminum and 25 percent on steel on the grounds that imports of those two metals were a threat to national security because they undermined the strength of the domestic industry. Overall imports grew 7.5 percent, to $3.1 trillion, while overall exports grew 6.3 percent, to $2.5 trillion, a Commerce Department highlights sheetThe resulting overall trade deficit of $621.0 billion was the highest since 2008. Both the goods trade deficit and the services trade surplus individually set records.
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