Canada December trade deficit jumps as imports hit record high

US Trade Deficit

The Commerce Department said on Tuesday the trade gap increased 5.3 percent to $53.1 billion. To achieve this, he has threatened to cancel trade agreements such as the TPP (Trans-Pacitic Partnership) with Pacific Rim countries and the North American Free Trade Agreement (NAFTA) with Canada and Mexico.

On Tuesday, the Commerce Department announced that the the deficit for goods and services rose to $566 billion - the highest level since 2008, when it stood at $708.7 billion, the Associated Press reported.

Data released in Washington showed the USA trade deficit hit a nine-year high in December.

The trade gap also suggests that a 3% annual economic growth might be hard to achieve, since the Imports, which subtract from gross domestic product, could get a further boost from a $1.5 trillion tax cut package that became effective in January.

"[.] with imports likely to rise les quickly over the next few months, net foreign trade will be much less of a drag on GDP growth than in Q1".




For the full year, total US exports rose 5.5 percent to $2.33 trillion, while imports climbed 6.7 percent to a record $2.9 trillion. The last time the United States reported a surplus was in 1975.

The US posted all-time record goods exports to 29 countries, with $243 billion exported to Mexico, $130 billion to China and $56.3 billion to the United Kingdom. Total imports rose 2.5 percent sequentially, driven by consumer goods and automotive. Net exports subtracted 1.13 percentage points from gross domestic product growth, which registered an annualized rate of 2.6 percent in the October-December period. Last year, the USA imported more foreign cars, computers, mobile phones and other consumer goods, most of which were produced in China.

Mnuchin said despite the recent declines the administration can take credit for double-digit increases since Trump's election in 2016, given its focus on policies to improve the economy's long-term performance.

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.

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