- The U.S. trade deficit reached a 10-year high of $621 billion last year, despite the Trump administration’s attempts to reduce it
- The goods trade deficit with China — the difference between goods exported and imported — rose to $419.2 billion, the highest number on record
- Last year’s acceleration in U.S. economic growth helped fuel Americans’ appetite for foreign goods
The U.S. trade deficit jumped nearly 19 percent in December, pushing the trade imbalance for all of 2018 to a decade-long high of $621 billion, the Commerce Department said Wednesday.
The gap between what the United States sells and what it buys from other countries rose to $59.8 billion in December from $50.3 billion in November, the Commerce Department said. Adjusted for inflation, December was the highest imbalance of trade goods in U.S. history.
The gap worsened because Americans bought more household appliances, cell phones and computer products from abroad, while foreign demand for civilian aircraft and oil products declined, dragging down U.S. exports.
Read more at CBS News