China Trade Deficit Hits Record, Fueling Trade Fight
Feb 07, 2018, 01:40
Overall, the goods trade balance continues to be in deficit, while the surplus in services trade dropped slightly in December to United States dollars 20.2 billion.
Trade deficit in goods with China, Mexico and Canada, which account for more than half of total usa goods imports and exports, all widened in 2017, compared with the prior year, said the Commerce Department.
The increase in the trade deficit is highly sensitive at present given the Trump administration´s current crusade to simultaneously boost economic growth but improve the balance of trade.
"When an economy is at full employment, an acceleration in demand tends to be accompanied by a pick-up in import growth and a wider trade deficit", said John Ryding, chief economist at RDQ Economics in NY.
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Imports from Mexico also hit a new record high. Imports, however, rose by more: 2.5 percent to $256.5 billion. The goods deficit with China rose 8.1 percent to hit a record $375.2 billion in 2017, while the trade gap with Mexico rose to $71.1 billion.
"The same trade policy that Trump attacks ferociously and promised to speedily replace is still in place", said Lori Wallach, director of Public Citizen's Global Trade Watch. Both showed the biggest gains since 2011. In December, a strong increase in imports possibly resulted from some suppliers rushing goods into the country at year end, fearing import tariffs in 2018. "Looking ahead, we expect the trade deficit to widen further in 2018", said Gregory Daco, chief USA economist at Oxford Economics.
The December goods-and-services gap was wider than the median estimate of economists surveyed by Bloomberg for $52.1 billion. 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.
Throughout his campaign and time in office, Trump has argued that he would wipe out deficits created by America's signing of bad trade deals, which he says have hurt workers and businesses to the benefit of the nation's top trading partners. Imports advanced 2.5 percent to $256.5 billion, boosted by record USA purchases of consumer goods, capital goods and food products. Tax reform, which is strengthening the economy already, may push the trade deficit even higher.
The director has previously worked with one of the commercial's stars, Danny McBride , on the 2008 film Pineapple Express. Advertising agency Droga5 created the ambitious, integrated " Dundee " campaign.
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Many users have been facing this issue since December and a rising number of complaints has been filed in Apple's support forums . So your phone would ring, but you wouldn't see any details of who the caller is or whether in fact, it is a phone call or not.
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Fowler finished second here in 2010, as well, and finished T4 a year ago . "The swing was just a fraction off. Saturday's crowd pushed the week total to 654,906, just short of the record of 655,434 set previous year .
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