Trump dealt blow as US trade deficit jumps
Published: 08:56 PM, 6 March 2019
The US trade gap with the rest of the world jumped to a 10-year high of $621bn (£472.5bn) last year, dealing a blow to President Donald Trump's deficit reduction plan.
The trade deficit is the difference between how much goods and services the US imports from other countries and how much it exports.
Reducing the gap is a key plank of Mr Trump's policies.
But in 2018, the US exported fewer goods compared with how much it bought.
Mr Trump claims that the US is being "ripped off" by other nations and wants countries to lower their tariffs on US goods and buy more of them.
However, official data shows that while exports of US goods and services rose by $148.9bn last year, imports jumped by $217.7bn.
It means that the gap is the widest since 2008, when the global financial crisis hit and the US fell into recession.
The US is currently locked in a trade battle with China over what it claims are unfair trade practices, resulting in tit-for-tat tariff increases on each other’s goods.
Both nations are in discussions and there is speculation they could reach an agreement by the end of March.
New data shows that the trade gap between the US and China widened last year by $43.6bn to $419.2bn as exports of American products and services fell, but imports from China rose.
Mr Trump warned in December that if the two countries failed to reach an agreement on trade, he would take action, dubbing himself "a Tariff Man."
- Nusrat got ‘A’ grade but fail!
- Ex-Songazi OC Moazzem indicted
- Minni on 5-day remand
- Mosharraf Karim paired with Safa in ‘Dil Daan Kalachan’
- Fish production marks constant rise over last 5 yrs
- What actions taken against police failure; HC asked
- Now woman killed in Teknaf gunfight
- Police want 10-day remand of Minni
- Road link with Bandarban restores after 8-day
- 100 pc pass in 907 inst
- Temperature may rise over country
- Army ready to tackle flood: Army Chief
- PM flags off ‘Benapole Express’
- No students passed in 41 colleges
- US bans Myanmar army chief over Rohingya ‘ethnic cleansing’
- Death toll climbs to 5 after quake in eastern Indonesia
- Quader’s follow-up checkup after surgery completed
- This years’ results good, acceptable: PM
- HSC pass rate increases 7.9 pc
- Worker died as fell down from Rooppur Project’s const building
- How to get HSC result
- 8 boards attain 71.85 pc pass rate
- Technical Board attains 82.62pc pass rate
- Madrasah Board attains 88.56pc pass rate
- 47,286 gets GPA-5
- Pass rate 73.93 pc
- HSC results handed over to PM
- PM to inaugurate ‘Benapole Express’ today
- 2 drug traders killed in gunfight with BGB
- HSC exam results today
- All News »
- No more sight this life: Bidisha
- ‘Lady Killer’ Tisha to fight against formalin in food
- New Zealand knock India out of World Cup
- 24 killed in Papua New Guinea tribal massacres
- Happy Birthday Purnima
- Bride, bridegroom among 10 killed as train hits microbus
- HM Ershad passes away
- Two siblings drown in Shariatpur pond
- ‘Cox’s Bazar losing ecological balance for Rohingyas’
- HSC exam results tomorrow
- NZ to face England in 12th ICC World Cup final
- Merkel says `very well` despite third shaking spell
- Queen Maxima and banking for the grassroots!
- Ishana announced to leave media after getting married
- Rifat murder: Minni at Police Line for questioning
- Ershad’s offspring: who & where
- England win Cricket WC after Super Over drama
- Six bodies found in Cox’s Bazar beach
- BPSC announces dates for 38th BCS viva
- UN to pay Bangladesh Tk 500 cr due
- Ershad’s first namaz-e-janaza held
- Rifat murder: Another one detained
- Rail link with Rajshahi snapped
- 5 things must need for securing modern network
- 3 kids drown in flood water, 1 missing
- Barcelona sign Atletico Madrid forward Griezmann
- DU admission test in new method
- Ershad’s 1st janaza at army central mosque
- Mango-laden truck falls into ditch, kills 2
- Flood situation worsened in Lalmonirhat