An early peek at President Joe Biden’s trade policy reveals it could put North America and its workers back on center stage.
Trade tensions between the United States and China continue to spur volatility.
The 6.1% increase in the fourth-quarter took the deficit to the highest level in 10 years and topped analysts' forecasts of a $130.0 billion shortfall.
President Trump's tariffs haven't closed the trade gap with China, which rose 11.6% to a record $419 billion in 2018.
The 9.5% monthly increase in the nominal U.S. trade deficit was the largest in three years.
Despite the March decline, the U.S. is still “on track to run another large trade gap in 2018 that exceeds the deficit in the prior year."
The increase in the trade deficit to a nine-year high "will only add fuel to President Donald Trump’s protectionist rhetoric ," an economist says.
The December deficit was the largest since 2008 as robust domestic demand pushed imports to a record high of $256.5 billion.
The increase was less than expected but is unlikely to sit well with an administration that is seeking to cut the deficit.
The 9.6% decline from January reflects a rise in exports to the highest level since December 2014.
"Team Trump really has their work cut out for them if they are going to stick with the campaign pledge to double growth."
The stronger dollar, larger federal budget deficits, and low national saving rates could force further widening in the trade deficit.
