U.S. trade deficit surges during Trump's first year in office

Reuters

Reuters

Trump has often hit Mexico and China the hardest on trade, and his administration is now in the process of renegotiating the North American Free Trade Agreement (NAFTA).

For the time being though, it should not provide reason to worry because growing imports went along with rising U.S. exports previous year. Imports set a record $2.9 trillion, swamping exports of $2.3 trillion, according to CTV News Canada. For all of 2017, the goods-and-services gap grew 12 percent to $566 billion, the biggest since 2008.

The U.S. trade deficit surged to its highest level since 2008 during President TrumpDonald John TrumpSchiff: Nunes gave Trump "secretly altered" version of memo Davis: "Deep state" existed in "16 - but it elected Trump Former Trump legal spokesman to testify to Mueller about undisclosed call: report MORE " s first year in office despite his vow to lower the gap and crack down on unfair competition.

The U.S. imported numerous foreign-made goods in 2017, many of which were produced in China.

Trade was a hallmark issue of President Donald Trump's campaign.

The commodity trade with China increased by 8.1% past year to a record 375.2 billion United States dollars.

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The global trade balance deteriorated further in December as import growth continued to exceed that of exports.

The numbers come after Trump claimed in his State of the Union address that the US had "finally turned the page on decades of unfair trade deals that sacrificed our prosperity and shipped away our companies, our jobs, and our nation's wealth".

America's shortfall in trade with the rest of the world widened at the end of 2017 as imports continued to run ahead of exports, boosted by strong domestic demand. The economists interviewed expected a low value of 52.2 billion Dollars. The advance report on goods trade balance, which was released earlier in the month, recorded a broadening of the goods trade deficit by Dollars 1.7 billion.

Imports surged to $2.9 trillion, easily eclipsing $2.3 trillion in US exports.

The monthly figures add to details for the fourth quarter, when trade was a substantial drag on the economy, and show how a widening deficit may mitigate any gains in the pace of expansion in 2018.

Trade deficits are caused when a country's imports exceed its exports.

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