The United States recorded a $621bn trade deficit in 2018, the largest since 2008, dealing a significant setback to President Donald Trump's efforts to reduce the gap between imports and exports.
The deficit represents the difference between goods and services imported and exported, with 2018 data showing exports rose $148.9bn while imports surged $217.7bn. This imbalance marked the widest gap in a decade, exacerbated by declining American exports and rising imports.
December's trade figures further highlighted the challenge, with the deficit reaching $59.8bn as exports fell 1.9% to $205.1bn and imports increased 2.1% to $264.9bn. The US-China trade relationship remained a focal point, as the bilateral deficit expanded by $43.6bn to $419.2bn in 2018.
Trump has repeatedly criticized foreign trade practices, declaring himself a "Tariff Man" who believes imposing duties will "max out our economic power." Despite ongoing negotiations with China, the trade war has intensified, with both sides implementing retaliatory tariffs on goods.
