US TRADE DEFICIT JUMPS TO NEAR FIVE-YEAR-HIGH OF $48.5 BILLION

US TRADE DEFICIT JUMPS TO NEAR FIVE-YEAR-HIGH OF $48.5 BILLION

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(The Independent newspaper) The US chalked up its largest trade deficit in nearly five years, suggesting trade would again weigh on economic growth in the first quarter.

The deficit in January jumped 9.6 per cent to $48.5bn, compared to a deficit of $44.3bn in December, Commerce Department figures revealed on Tuesday.

While the figure is in line with expectation, this was the largest monthly gap since a deficit of $50.2 bn in March 2012.

Reducing trade deficit has been a key pledge of Donald Trump’s presidential campaign last year and the latest figures could be seized as evident of the need for the US to renegoiate deals with some of its major trading partners.

 

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