US Trade Deficit Widens More Than Expected In October

US Trade Deficit Widens More Than Expected To USD48.7 Billion In October

Trump took office on a nationalist economic agenda, pledging to bring down the trade deficit by canceling or renegotiating trade pacts and aggressively policing the export practices of major trading partners.

Imports rose 1.6% in October from the prior month, while exports were little changed. Imports hit a record $244.6 billion in October, and exports were unchanged at $195.9 billion. A rising trade gap reduces USA economic growth.

The politically sensitive trade deficit in goods with China rose 1.7 percent to $35.2 billion from September to October and is up 7 percent this year to $309 billion.

The Commerce Department said Tuesday that the trade gap rose 8.6 percent in October from $44.9 billion in September.

A sharp increase in exports of industrial supplies and materials was more than offset by notable declines in exports of soybeans and civilian aircraft. The overall trade deficit widened 11.9% so far this year compared with the same period in 2016.

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Imports of goods increased 1.8% to $199.4 billion.

Strong U.S. consumer spending, buoyed by a tight labor market and sky-high confidence, has also helped drive the recent ramp-up in imports.

Historically speaking, the US imports more good than it exports, but runs a modest trade surplus for services.

The mounting trade deficit comes the administration of President Donald Trump enters the latter stages of fraught negotiations with Mexico and Canada to revamp the North American Free Trade Agreement.

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