US trade deficit hits 10-year high despite Trump’s tariffs

Anca Alexe 07/03/2019 | 08:35

The United States had a 10-year high trade gap with the rest of the world in 2018 (USD 621 billion), despite President Donald Trump’s plans to reduce the deficit through higher tariffs, a key point in his policymaking, the BBC reports.

Trump claims that the US is being “ripped off” by other countries and wants those countries to impose lower tariffs on US goods and buy more of them.

Official data, however, shows that while exports of US goods and services rose by USD 148.9 billion last year, imports jumped by USD 217.7 billion.

Last year’s trade gap is the largest since the global financial crisis started in 2008.

Last year was market by Trump’s trade war with China as the US claimed it had unfair trade practices. However, the two nations have had thorough negotiations in the past few months and expect to reach an agreement by the end of March.


BR Magazine | Latest Issue

Download PDF or read online: March 2023 Issue | Business Review Magazine

The March 2023 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “25 Leaders to Watch in 2023.” Read it online by clicking here. To
Anca Alexe | 09/03/2023 | 17:26

    You will receive a download link for the latest issue of Business Review Magazine in PDF format, based on the completion of the form below.

    I agree with the Privacy policy of

    I agree with the storage and handling of my data by

    Advertisement Advertisement
    Close ×

    We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

    Accept & continue