Despite Trump’s tough talk, trade gap widens to 9-year high
WASHINGTON — President Donald Trump campaigned on a promise to overturn U.S. trade policy and bring down the country’s massive, persistent trade deficits.
After a year in the White House, he still has a lot of work to do.
The Commerce Department reported Tuesday that the U.S. trade deficit in goods and services rose 12 per cent to $566 billion last year, biggest since 2008. A record $2.9 trillion in imports swamped $2.3 trillion in exports last year.
The deficit in the goods trade with China — frequently accused of unfair trading practices by the White House — hit a record $375.2 billion in 2017. The goods gap with Mexico climbed to $71.1 billion.