The U.S. trade deficit fell for the first time in six years in 2019 as the White...
WASHINGTON - The U.S. trade deficit fell for the first time in six years in 2019 as the White House’s trade war with China curbed the import bill, keeping the economy on a moderate growth path despite a slowdown in consumer spending and weak business investment.
Trump has argued that substantially cutting the trade deficit would boost annual economic growth to 3% on a sustainable basis. The economy has, however, failed to hit that mark, growing 2.3% in 2019, which was the slowest in three years, after expanding 2.9% in 2018. The goods trade deficit with Mexico jumped to a record high of $101.8 billion last year. The deficit with the European Union also reached an all-time high of $177.9 billion.
U.S. stock index futures were trading higher while prices of U.S. Treasuries were lower. The dollar was slightly stronger against a basket of currencies.When adjusted for inflation, the goods trade deficit increased $4.3 billion to $80.5 billion in December.
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