The US trade deficit grew 12.1 per cent to its highest level since 2008 in Donald Trump’s first year in office, suggesting that the president is making little headway in his promise to rewrite America’s trading relationship with the world.
Economists say the surge in the US goods and services deficit to $566bn last year was mostly caused by an improving domestic economy and rising demand from consumers and companies for imported goods.
US exports grew 5.4 per cent to $2.3tn, their second-highest level on record, while imports reached a record $2.9tn in 2017.
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