US trade deficit hits nine-year high on falling exports

AFP, WASHINGTON: The US trade deficit swelled in January to its largest level in nearly a decade as the world's biggest economy exported less fuel and sold fewer aircraft, government data showed Wednesday.

The news comes amid White House furor over trade policy, with President Donald Trump's top economic advisor Gary Cohn announcing his resignation late Tuesday after losing a bruising internal battle over whether to impose punishing tariffs on steel and aluminum.

Cohn's resignation and the fear Trump will press ahead with restraints on trade have roiled global markets in recent days. While economists say a growing trade deficit can be a sign of economic recovery, Trump has attributed them to "cheating" by US trade partners.

Word of a broadening trade gap could add to fears of a stronger White House reaction. Aircraft giant Boeing and oil producers like Chevron, industries which saw falling exports, have objected to Trump's planned tariffs on the crucial metals. The January figures follow official reporting last month showing that the US trade deficit over all of 2017, Trump's first year in office, also hit its highest level since the global crisis in 2008.

 

US trade deficit hits nine-year high on falling exports

AFP, WASHINGTON: The US trade deficit swelled in January to its largest level in nearly a decade as the worlds biggest economy exported less fuel and sold fewer aircraft, government data showed Wednesday. The news comes amid White House furor over trade policy, with President Donald Trumps top economic advisor Gary Cohn announcing his resignation late Tuesday after losing a bruising internal battle over whether to impose punishing tariffs on steel and aluminum. Cohns resignation and the fear Trump will press ahead with restraints on trade have roiled global markets in recent days. While economists say a growing trade deficit can be a sign of economic recovery, Trump has attributed them to cheating by US trade partners. Word of a broadening trade gap could add to fears of a stronger White House reaction. Aircraft giant Boeing and oil producers like Chevron, industries which saw falling exports, have objected to Trumps planned tariffs on the crucial metals. The January figures follow official reporting last month showing that the US trade deficit over all of 2017, Trumps first year in office, also hit its highest level since the global crisis in 2008.