U.S. trade deficit decreased for the first time in three years Imports from China declined due to additional tariffs Feb. 5 at 5:10
The U.S. trade deficit for the past year fell for the first time in three years as imports of Chinese products with high tariffs dropped sharply due to trade friction with China.
According to trade statistics released on the 5th by the US Department of Commerce, the trade deficit last year excluding services was $ 852.9 billion, or about 93 trillion yen in Japanese yen, 2.5% less than the previous year, the first time in three years Has decreased.
The trade deficit against China, which accounts for about 40% of the total, fell by 17.6%, mainly due to the Trump administration adding higher tariffs on industrial products and daily necessities imported from China. Led to a significant reduction.
Although the Trump administration has shown a strong commitment to reducing the trade deficit, increasing tariffs to curb imports has led to retaliatory tariffs by China and side effects that have slowed US exports.
Looking ahead, it is likely to be watched if the expansion of US exports to China agreed with China last month will further reduce the trade deficit.
On the other hand, the trade deficit with countries and regions other than China is increasing, increasing by 5.5% against the EU and 2.7% against Japan.