US trade deficit hit record high in 2018, as Trump’s trade war waged

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US trade deficit hit record high in 2018, as Trump’s trade war waged

US trade deficit had reached a record high in 2018, as lower tax triggered strong domestic demands had been fueling imports despite Trump’s America first policies, targeted at shrinking a growing trade gap.

Over the recent past, the US President Donald Trump had been exploring a protectionist trade policy to safeguard US manufacturing from foreign competitions what Trump had frequently labelled as “unfair trade practice”.

In fact, Trump, who had repeatedly touted himself as “the tariff man”, had pledged before getting elected to deduce tariffs by turning down unfairly traded imports and negotiating free trade agreements.

On Wednesday, the 6th of March 2019, the US Commerce Department had said that there had been a 12.4 percent jump in the deficit in last December, which had potentially contributed to a record $891.3 billion trade deficit over the last month of the final quarter in 2018.

Last year, the US had recorded an overall trade deficit surge of 12.5 percent to $621.0 billion, the nation’s largest deficit figure since 2008. Citing a possibility to experience a recurrence of such corpulent volume of trade deficit again in 2019, a chief economist at MUFG in New York, Chris Rupkey said, “The trade deficit exploded last year despite the Trump administration efforts to make America great again, and the trend is unlikely to get any better in 2019”.