Last year the US’ deficit rose to $621billion (£472.5billion), the widest the gap has been since 2008. The new figures are a huge blow for Trump, who made reducing that gap one of his key policies during the 2016 election. According to the BBC, reports show that the US had been importing more goods than exporting.
The trade gap determines the difference between how much goods and services a country imports from others against the amount it exports.
In December 2018, Trump tweeted: “I am a tariff man.
“When people or countries come in to raise the great wealth of our nation, I want them to pay for the privilege of doing so.
“It will always be the best way to max out our economic power.
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“We are right now taking in billions in tariffs.
“Make America Rich Again.”
The last time the trade deficit was this low, the figure was reported to be around $709billion (£542billion).
That figure came during the peak of the recession.
The latest report said: “Exports increased $148.9 billion, or 6.3 percent. Imports increased $217.7 billion, or 7.5 percent.”
Bridging that gap was a key campaign pledge by Trump, who defeated Democratic rival Hilary Clinton more than two years ago.
The policy came under the guise of Trump’s ‘Make America Great Again’ banner.
To meet the pledges, Trump abandoned the Trans-Pacific Partnership pact as soon as he took office.