United States trade deficit is wider than any month or year since 2008

US Trade Deficit Jumped by 12.1% in 2017

OTTAWA-Canada's trade deficit widened in December as imports climbed to a record level and export growth slowed markedly despite a solid gain in energy sales overseas.

The deficit grew especially strongly in the final month of the year, adding 5.3 percent to reach $53.1 billion in December, the highest since October 2008.

The US trade deficit widened to the biggest monthly and annual levels since the last recession, underscoring the inherent friction in President Donald Trump's goal of narrowing the gap while enjoying faster economic growth.

"We're looking for a bit more from exports in the year ahead, so hopefully December wasn't a sign of things to come", CIBC economist Nick Exarhos wrote in a note to clients.

Nevertheless, the goods trade deficit with Mexico increased to $71 billion, while that with China rose by $375 billion - the highest level on record. In his first State of the Union address last week, Trump promised to "fix bad trade deals and negotiate new ones".

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Canada's trade deficit with countries other than the US increased to $6.6 billion in December compared with $6.0 billion in November.

In 2017, the United States trade deficit jumped by 12.1% to a nine-year high of 566 billion Dollars. To achieve this, he has threatened to cancel trade agreements such as the TPP (Trans-Pacitic Partnership) with Pacific Rim countries and the North American Free Trade Agreement (NAFTA) with Canada and Mexico.

The global trade balance deteriorated further in December as import growth continued to exceed that of exports.

These data are released as the Trump administration has made the reduction of the trade deficit one of its priorities.

The U.S. economy has run trade deficits for decades, during both economic expansions and recessions. The huge deficit in the fourth quarter of 2017 prevented the USA from reaching the 3.0 percent economic growth in the third quarter, a feat last seen in 2005.

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