Trump has repeatedly threatened to terminate the North American Free Trade Agreement unless the pact linking Canada, Mexico and the United States can be changed to terms more favorable to Washington.
For goods only, the deficit also reached previous year a record level with China to 375.2 billion, which could comfort the USA president in his idea to continue its commercial reprisals against Beijing. Total US exports of goods and services in 2017 rose 5.5 percent to $2.3 trillion, their second highest level on record. Imports set a record $2.9 trillion, swamping exports of $2.3 trillion, according to CTV News Canada. Imports from China and Mexico hit record highs The year 2017 saw the US importing more foreign-made cars, computers, cell phones and other consumer goods, much of which were produced in China. On the campaign, Trump was a vociferous critic of current USA trade practices with China, but since he took office, he shifted his tone because he hopes the Chinese government will help reduce tensions with North Korea. The last time the United States reported a surplus was in 1975. "The same trade policy that Trump attacked ferociously and promised to speedily replace is still in place", Lori Wallach, head of Public Citizen's Global Trade Watch, told The Hill. Both showed the biggest gains since 2011.
The December goods-and-services gap was wider than the median estimate of economists surveyed by Bloomberg for $52.1 billion. Imports advanced 2.5 percent to $256.5 billion, boosted by record US purchases of consumer goods, capital goods and food products. "Exports increased $121.2 billion or 5.5 percent".
"It was a flat month and not a great handover into 2018".
It would suggest the administration will struggle to bring down the deficit, especially as some $1.5tn in tax cuts work their way through the system, a factor that could be expected to boost domestic demand further.
Mnuchin: Report will lead to Russian Federation sanctions
Treasury Secretary Steven Mnuchin says the report released by his office will lead to new sanctions against Russian Federation . The public U.S. document noted that inclusion on the list should "in no way be interpreted to impose sanctions" in of itself.
Fowler birdies last 3 holes, leads Phoenix Open
Fowler birdied the eighth hole to salvage an even-par front nine, and finally found something on the back, where he shot 4-under. Mickelson finished the day tied for 5th at 12-under while Rahm and Reavie finished tied for 2nd at 13-under.