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OffbeatRecord imports push US trade deficit to a 10-year high

16:55  06 december  2018
16:55  06 december  2018 Source:   msn.com

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The trade deficit soared almost 10 % in July on record imports and hit the highest level in five U . S . imports have surged in 2018 largely because of rising demand for oil and higher prices US :CLV8 Imports of foreign steel and aluminum, meanwhile, are still higher compared to a year ago even in

The U . S . trade deficit widened more than expected in December to its highest level since 2008, as robust domestic demand pushed imports to a record high , adding to the The country’s import bill in December was also pushed up by more expensive crude oil, which averaged . 10 per barrel, the

Record imports in October drove the U.S. trade deficit to the highest level in a decade.

The Commerce Department said Thursday that the gap between the United States sells and what it buys from foreign countries hit $55.5 billion in October, the fifth straight increase and highest since October 2008.

The politically sensitive deficit in the trade of goods with China rose 7.1% to a record $43.1 billion. The goods gap with the European Union widened 65.5% to a record $17.6 billion.

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The deficit hit its highest level since 2008 as robust domestic demand pushed imports to a record high . Trump has repeatedly threatened to terminate the North American Free Trade Agreement unless the pact linking Canada, Mexico and the United States can be changed to terms more

The politically sensitive U . S .-China trade deficit jumped 8.1 percent to a record 5.2 billion last year . President Donald Trump has vowed to The country's import bill in December was also pushed up by more expensive crude oil, which averaged . 10 per barrel, the highest price since July 2015.

Led by shipments of medicine and cars, overall imports rose 0.2% to a record $266.5 billion. Exports fell 0.1% to $211 billion.

President Donald Trump campaigned on a pledge to slash America's longstanding trade deficit with the rest of the world. Despite his import taxes on steel, aluminum and Chinese goods, the deficit so far this year is running 11.4% above January-October 2017.

U.S. exports of soybeans, targeted for retaliatory tariffs by China, dropped 46.8% in October.

Trump sees the lopsided trade numbers as a sign of U.S. economic weakness and as the result of bad trade deals and abusive practices by U.S. trading partners, especially China.

He has slapped tariffs on $250 billion worth of Chinese imports in a dispute over the tactics Beijing is using to challenge American technological supremacy. These include the theft of trade secrets and forcing U.S. companies to hand over technology in exchange for access to the Chinese market, the U.S. charges.

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Record high imports . When adjusted for inflation, the trade gap increased to a five-month high of .5 The goods trade deficit with China surged 10 percent to a record .8 billion in July. The import bill was also inflated by petroleum imports , which were the highest since December 2014

The U . S . trade deficit jumped to a near five- year high in January as rising oil prices helped to push up the import bill, pointing to slower Both the inflation-adjusted imports and exports were the highest on record in January, signs of improving domestic demand and stronger economic growth among U . S

In a meeting over the weekend, Trump and Chinese President Xi Jinping agreed to a ceasefire in the trade dispute. Details are unclear, but the White House says it agreed to delay a planned tariff increase on $200 billion in Chinese goods for 90 days to buy time for more substantive negotiations.

Mainstream economists view trade deficits as the result of an economic reality unlikely to yield to changes in trade policy: Americans buy more than they produce, and imports fill the gap. The strong U.S. economy also encourages Americans to buy more foreign products.

U.S. exports are also hurt by the American dollar's role as the world's currency. The dollar is usually in high demand because it is used in so many global transactions. That means the dollar is persistently strong, raising prices of U.S. products and putting American companies at a disadvantage in foreign markets.

In October, the U.S. ran a $22.6 billion surplus in the trade of services such as banking and tourism. But that was offset by a record $78.1 billion deficit in the trade of goods such as cellphones and machinery.

China swings into action on trade as Trump ups pressure.
U.S. President Donald Trump said China is sending “very strong signals” following weekend trade discussions in Argentina, as uncertainty remains over what commitments were made between the two nations. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.getMedianetNativeAds(true); }); “Not to sound naive or anything, but I believe President Xi meant every word of what he said at our long and hopefully historic meeting,” Trump said on Twitter Wednesday.

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