US Trade Deficit Drops 1.7% Last Year to $616.8 Billion
(Worthy News) – The U.S. trade deficit fell for the first time in six years in 2019 as President Donald Trump hammered China with import taxes.
The Commerce Department said Wednesday that the gap between what the United States sells and what it buys abroad fell 1.7% last year to $616.8 billion. U.S. exports fell 0.1% to $2.5 trillion. But imports fell more, slipping 0.4% to $3.1 trillion. Imports of crude oil plunged 19.3% to $126.6 billion.
The deficit in the trade of goods with China narrowed last year by 17.6% to $345.6 billion. Trump has imposed tariffs on $360 billion worth of Chinese imports in a battle over Beijing’s aggressive drive to challenge American technological dominance. The world’s two biggest economies reached an interim trade deal last month, and Trump dropped plans to extend the tariffs to another $160 billion in Chinese goods. [ Source: VOA News (Read More…) ]
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