The US trade deficit soared to $621bn last year, its highest level in a decade, dealing a blow to President Donald Trump’s ambitions to reduce an imbalance he has depicted as the primary threat to the American economy.
According to the US Census Bureau, the nation’s trade gap rose by 18.8 per cent in December, to $59.8bn — more than expected by economists — as exports fell by 1.9 per cent and imports rose by 2.1 per cent.
Over the whole of last year, the deficit rose by 12.5 per cent after the 6.3 per cent expansion in US exports was outpaced by a 7.5 per cent boost to imports.
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