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US posts its highest deficit in four years
The US trade deficit widened slightly in 2016 to US$502.3 billion, marking the highest level in four years and underscoring the difficulty the Trump administration faces in bringing the nation's trade outlook back into balance.
The deficit increased last year because exports fell faster than imports and because of the result of a weak global economy couple with a stronger dollar that made American products more expensive to foreign buyers.
The deficit with Mexico, the biggest target of President Donald Trump's wrath, rose 4.2 per cent to $63.2 billion in 2016 to mark a five-year high, according to government data.
The gap with China is by far the largest among the major US trading partners although the deficit dropped 5.5 per cent in 2016, it still totalled $347 billion, according to MarketWatch.
The gap in the final month of 2016 dipped 3.2 per cent to $44.3 billion, the Bureau of Economic Analysis said. Exports rose 2.7 per cent $190.7 billion, while imports increased 1.5 per cent to $235 billion during December.
The deficit increased last year because exports fell faster than imports and because of the result of a weak global economy couple with a stronger dollar that made American products more expensive to foreign buyers.
The deficit with Mexico, the biggest target of President Donald Trump's wrath, rose 4.2 per cent to $63.2 billion in 2016 to mark a five-year high, according to government data.
The gap with China is by far the largest among the major US trading partners although the deficit dropped 5.5 per cent in 2016, it still totalled $347 billion, according to MarketWatch.
The gap in the final month of 2016 dipped 3.2 per cent to $44.3 billion, the Bureau of Economic Analysis said. Exports rose 2.7 per cent $190.7 billion, while imports increased 1.5 per cent to $235 billion during December.
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