Wednesday 19 December 2018
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business-standard - 13 days ago

US trade deficit hits 10-year high on record imports

The US trade deficit hit a 10-year high in October as Americans used a stronger dollar to snap up record imports, the government reported Thursday. The result showed the trade gap has continued to swell despite the punitive tariffs imposed this year on allies and adversaries alike by President Donald Trump, who has who has sought to shrink deficits he blames for job losses. And that is likely to subtract from growth in the final quarter of 2018, economists say. Amid Trump s high-stakes trade war with Beijing, the total trade gap rose 1.7 per cent to USD 55.5 billion, driven by all-time high imports, according to the Commerce Department. The deficit in goods trade with China likewise continued to expand, rising two per cent to USD 38 billion, seasonally adjusted, as key exports like soybeans fell. Without seasonal adjustments, the US-China goods trade gap hit an all-time record of USD 43.1 billion. Washington and Beijing have exchanged steep tariffs on more than USD300 billion in total

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