Trump has argued that substantially cutting the trade deficit would boost annual economic growth to 3pc on a sustainable basis. The politically sensitive goods trade deficit with China plunged 17.6pc to $345.6 billion in 2019. The goods trade deficit with Mexico jumped to a record high of $101.8 billion last year. Tensions in the 19-month US-China trade war have eased, with Washington and Beijing signing a Phase 1 trade deal last month. As a result, goods imports rebounded sharply in December, boosting the trade deficit 11.9pc to $48.9 billion that month.

Source: Pakistan Today February 05, 2020 15:22 UTC