Trade Gap with China Reaches All-time High

Trade Gap with China Reaches All-time High
Photo Credit:free images | Story Source: NAFB

As the Trump administration works towards an agreement with China to end the tit-for-tat trade war, the federal government Wednesday reported the trade deficit in goods with China set a record in 2018. The trade gap rose to $419.2 billion in 2018, from the previous record of $375.5 billion in 2017, according to the U.S. Commerce Department.

 

Trump imposed billions of dollars of tariffs on China in the last year to pressure the nation to enter trade talks with the United States. Those trade talks could reach an agreement at the end of this month, but the damage from the trade war remains. China imposed tariffs on U.S. agriculture products, causing further market harm to U.S. producers. Meanwhile, the report shows the U.S. exported a record $147.4 billion worth of food, feeds and beverages in 2018. The U.S. also set record export levels to more than 50 countries, including Mexico and Japan.

Latest News