United States trade deficit hits the highest level in nine years in 2017

UPDATE 1-Canada December trade deficit balloons as imports hit record high

A widening trade deficit threatens to undermine the Trump administration's goal of achieving 3 percent or better economic growth.

The president has to decided in the next couple of months whether he will act on the steel and aluminum case reports on his desk that argue for higher tariffs based on national security concerns, a move the USA has rarely used in the past because of risks that US exports could pay the price in retaliation.

In 2017, the USA trade deficit jumped by 12.1% to a nine-year high of 566 billion Dollars.

The increase in the trade deficit is highly sensitive at present given the Trump administrationĀ“s current crusade to simultaneously boost economic growth but improve the balance of trade.

The trade deficit grew by 12.1 percent in 2017, soaring to $566 billion, the highest since the deficit hit $708.7 billion in 2008, the Department of Commerce revealed Tuesday, according to multiple reports.

The U.S. imported numerous foreign-made goods in 2017, many of which were produced in China. "The same trade policy that Trump attacked ferociously and promised to speedily replace is still in place", Lori Wallach, head of Public Citizen's Global Trade Watch, told The Hill. The deficit in goods with China jumped 8.1 percent hit a record $375 billion.

The numbers come after Trump claimed in his State of the Union address that the USA 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". The trade deficit of the largest economy in the world is rising in 2017, mainly due to the strengthening of the economy. The economists interviewed expected a low value of 52.2 billion United States dollars.

Imports rose by 1.5 percent to a record C$49.70 billion on increases in nine of 11 sections as volumes posted a 1.0 percent gain.

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 subtract from gross domestic product.

Related News:

  • Robin Lopez lost his damn mind

    Robin Lopez lost his damn mind

    The 7-footer stormed back toward Van Duyne and had to be held back by teammates after being called for a second technical. Lopez then reluctantly left the court and grabbed a chair in the tunnel leading to the Bulls locker room and tossed it.
    Bill Belichick Finally Rolled Snake Eyes Benching Malcolm Butler

    Bill Belichick Finally Rolled Snake Eyes Benching Malcolm Butler

    The illness prompted him to arrive in Minnesota for the game a day after his teammates, and he missed media night on Monday. One of the biggest stories from Sunday's Super Bowl was about a player that wasn't even on the field for the game.
    Man U supervisor Mourinho says ambiance quiet at Outdated Trafford

    Man U supervisor Mourinho says ambiance quiet at Outdated Trafford

    When you sign the most expensive player in the world, you would fancy him to get a game in midfield at home to Huddersfield. If it was about punishing I would be punished too because we are a team.
  • Josh McDaniels Era Officially Begins in Indy

    Josh McDaniels Era Officially Begins in Indy

    Congrats to Doug Pederson of the Eagles on beating almost 10 percent of the National Football League head coaches on Sunday. McDaniels went 11-17 in Denver, before he was sacked by the Broncos in 2010 after less than two seasons.
    Kashmir is a lifeline for Pakistan: Khawaja Asif

    Kashmir is a lifeline for Pakistan: Khawaja Asif

    "But they do not have the strength to separate Kashmir from us", said Rajnath Singh during a public rally here. He also condemned Indian aggression in occupied Kashmir and said the "people of Pakistan stand with you".
    WADA recommends use of older doping test kits at Pyeongchang Olympics

    WADA recommends use of older doping test kits at Pyeongchang Olympics

    The IOC notes that CAS said the urgent ruling "does not mean that these 28 athletes are declared innocent". Additional athletes cleared by the Court of Arbitration for Sport (CAS).
  • People trapped after natural disaster  in Taiwan

    People trapped after natural disaster in Taiwan

    A 6.4-magnitude natural disaster has struck the east coast of Taiwan, the US Geological Service (USGS) reported. A camera set up in a garage caught the powerful quake, which struck about 11.50pm local time in Hualien.
    Spec Comparison: Huawei Mate 10 vs Huawei Mate 10 Pro

    Spec Comparison: Huawei Mate 10 vs Huawei Mate 10 Pro

    The Mate 10 Pro was launched in November 2017, one of the first phones in Huawei's lineup to sport a almost bezel-less screen. The phone features Huawei's AI-enhanced processor with a dedicated Neural Network Processing Unit (NPU).
    EPL: Aubameyang, Mkhitaryan speak on experiences in Arsena

    EPL: Aubameyang, Mkhitaryan speak on experiences in Arsena

    He's proving out to be a hugely inconsistent player but Shkodran Mustafi was exceptional after his woeful performance in midweek. The Nigerian was tidy in possession and covered the space well for the rest of his teammates.
  • Bannon Will Be a No-Present for Home Intel Interview

    Bannon Will Be a No-Present for Home Intel Interview

    At issue is whether the White House will allow Bannon to answer questions about his time in the Trump administration. Bannon declined to answer the questions in light of executive privilege concerns, a claim of privilege Rep.
    Jammu and Kashmir, Rajouri: 4 Soldiers killed in the attack, one injured

    Jammu and Kashmir, Rajouri: 4 Soldiers killed in the attack, one injured

    The killed soldiers included Captain Kapil Kundu, who would have celebrated his 23rd birthday on February 10. The Pakistani troops also had resorted to mortar shelling in Nowshera and Keri sectors also the same night.
    New Zealand Sevens round-up: Southern Hemisphere domination continues with Fiji victory

    New Zealand Sevens round-up: Southern Hemisphere domination continues with Fiji victory

    Player of the Final was Fijian flyer Alasio Sovita Naduva who scored three of Fiji's tries in the four tries to three-try victory. There were tight margins across the weekend and unfortunately we were on the wrong side in that last game", he said.


Most liked

Uma Thurman opens up on Kill Bill crash
Tarantino added: "Throwing the word "rape" around is like throwing the word "racist" around. To me, when you use the word rape, you're talking about violent, throwing them down.

35 killed in Syria regime attacks
Almost 200 people were wounded, and rescuers said many of those probably will not survive because of lack of medical supplies. Protestors have for always been demanding the resignation of Syrian President Bashar al-Assad over his autocratic rule.

US Starts Drawing Down Troops from Iraq
The drawdown will be the first reduction in American troops in Iraq since the fight against ISIS started three years ago. A Pentagon report released in November said there were 8,892 US troops in as of late September.

India vs South Africa 3rd ODI: Probable XI
The third ODI at Capetown will boost the team record as well as their first series victory in South Africa . South Africa will hope, though, that De Kock's enforced break proves to be a blessing in disguise.

Kenyan opposition politician charged over mock inauguration
The government took three private television channels off the air on Tuesday as they began to cover of the opposition ceremony. The government suspended the passports of 14 opposition leaders including strategist David Ndii and financier Maina Wanjigi.

Maldives is in a state of emergency
Nasheed was one of the opposition leaders that the court ordered freed. He also labeled the original court ruling a coup and a plot.

2018 iPhones to only run Intel inside
The previous limitation of Intel modems, which lacked CDMA, prohibited the tech giant from ditching Qualcomm altogether. The iPhone Xs is expected to sport a 5.8-inch OLED screen and the iPhone Xs Plus a 6.5-inch OLED display.

Met office issue weather warning of snow and ice for Wakefield
Exacta Weather's James Madden warned heavy and widespread snowfall this week threatens significant disruption. The Met Office says it could be one of the coldest weeks of the winter so far.

China, Iran, Russia Lash Out At US Nuclear Policy Plan
The minister warned "as in the times of the Cold War, we in Europe are especially endangered" by "a renewed nuclear arms race". The Trump nuclear doctrine breaks with Obama's in ending his push to reduce the role of nuclear weapons in USA defense policy.

Samsung's Heir-Apparent Has Been Released From Prison by an Appeals Court
Samsung lawyers will reportedly take Lee Jae-yong's case to the Supreme Court to clear his name while prosecutors may also appeal. Prosecutors also were expected to appeal the court's ruling, making it nearly certain the case will go to the Supreme Court.

Italy Services Growth Strongest Since July 2007
A new business sub-index that tracks overall demand jumped to 51.7 from 50.0 in December, the first sign of growth in three months.

Monster Hunter World patched on Xbox One, PS4
Monster Hunter World continues to be a roaring success for Capcom, with it now having shipped over 5 million units worldwide. The game was sold locally only for PS4, so the data listed below does not involve the Xbox One version.

Israeli troops detain suspects in West Bank in hunt for killers
The anti-settlement group Peace Now called the effort to legalise the outpost a "cynical exploitation of the murder". Past attempts by Israeli authorities to dismantle Havat Gilad have led to clashes with settlers there.

Amtrak train that crashed in SC made stops in Raleigh, Cary
Smith said he and his friend saw passengers limping along the tracks, while others tried to get everyone out of the cars. Officials said it was traveling at 80 miles per hour in a 30 miles per hour zone. "When it was happening, it was quick".

Record Audiences Get Set to Make the 2017 Grand National the Biggest To Date
For some , it will be a case of asking which horses have been at their most impressive this season that will give them the clues as to which Grand National horses to bet on .