The US trade gap with the rest of the world jumped to a 10-year high of $621bn (£472.5bn) last year, dealing a blow to President Donald Trump's deficit reduction plan. The trade deficit is the difference between how much goods and services the US imports from other countries and how much it exports. The deficit in goods and services during December also hit a near 10-year high of $59.8bn. Exports to the rest of the world fell 1.9% to $205.1bn, while imports rose by 2.1% to $264.9bn. New data shows that the trade gap between the US and China widened last year by $43.6bn to $419.2bn as exports of American products and services fell, but imports from China rose.

Source: The Star March 06, 2019 14:48 UTC