US trade deficit hits nine-year high of USD 57.6 bln – Commerce

WASHINGTON, The trade deficit in the United States rose by 1.6 percent in February to a nine-year high of USD 57.6 billion, the Commerce Department reported Thursday.

According to the Commerce Department figures, the trade deficit, the difference between what the US sells and what it buys in foreign markets, widened for a sixth consecutive month to the highest level since October 2008.

Exports of goods and services hit a record USD 204.4 billion, imports set a record USD 262 billion.

The news comes amid a US trade dispute with China that has rattled global financial markets and raised fears among American exporters to China.

The trade deficit in goods with China narrowed in February to USD 29.3 billion from USD 36 billion in January.

The Trump administration and China have threatened in recent days to impose new import tariffs on about USD 50 billion of each other’s exports, sparking fears of a trade war.

Source: Kuwait News Agency