(Andy Wong/AP)The trade deficit with China hit a record high in 2017, defying President Trump’s repeated promises to shrink a number that he regards as a test of whether other nations are treating the United States fairly. U.S. purchases of Chinese goods and services last year were $375 billion greater than Chinese orders from the United States, the Commerce Department said Tuesday. “As a candidate, the president promised to reduce the trade deficit, end China's cheating, stop unfair trade in steel and aluminum, and reverse the tide of lost jobs due to trade,” said Leo Gerard, president of United Steelworkers. The United States also incurred deficits last year in its trade with the European Union ($151.4 billion), Mexico ($71.1 billion) and Japan ($68.8 billion). Upon taking office one year ago, he withdrew the United States from a Pacific trade deal and called for the 24-year-old North American Free Trade Agreement to be renegotiated.

Source: Washington Post February 06, 2018 17:20 UTC