Pablo Martinez Monsivais/AP
- The US trade deficit hit $55.5 billion in October, the highest since October 2008.
- The increase in the deficit came due to continued growth in imports, while exports actually fell.
- The trade deficit with China also hit a record level.
- One of President Donald Trump's goals for the trade war was to reduce the trade deficit, but the president's own policies are likely prompting some of the widening gap.
Shrinking the US trade deficit has been a key goal of President Donald Trump's trade war.
But the Census Bureau announced Thursday that the US trade deficit grew to $55.5 billion in the month of October, the highest in exactly 10 years. That was a 1.7% jump from September, as imports rose by 0.2% and exports fell by 0.1%.
See the rest of the story at Business Insider
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See Also:
- Chinese tech giant Huawei's CFO proves Trump's trade war is 'escalating to a new level'
- For the first time, China confirmed major details about the Trump-Xi trade deal. It could only intensify the scramble over the next 90 days.
- Trump's 'Tariff Man' tweet was an homage one of his favorite presidents who ran on a platform of tariffs
from Business Insider https://ift.tt/2PsErpK
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