The trade deficit was the main political justification for the trade wars initiated by the US after Donald Trump won the presidential election. It was seen as evidence of America being “exploited” by trading partners.
On Tuesday, the latest data on US international trade was released. It turns out that the US trade deficit increased in March.
See also: The specter of a customs war in the automotive industry. The EU responds to Donald Trump's threats
“The U.S. trade deficit widened in March as an artificial intelligence investment boom boosted imports that more than offset a surge in exports, partly helped by oil supplies amid the conflict in the Middle East,” Reuters writes.
The trade deficit increased by 4.4%. up to USD 60.3 billion said the Commerce Department's Bureau of Economic Analysis and the Census Bureau.
|
Macronext
Economists polled by Reuters predicted even greater growth. Estimates put the trade deficit at $60.9 billion.
“In the first quarter, trade reduced the growth rate of gross domestic product by 1.3 percentage points. In the last quarter, the economy grew at an annual rate of 2 percent,” says Reuters.
Export and import. New data from the USA
He estimates that in March imports increased by 2.3%. up to USD 381.2 billion. Imports of goods increased by 3.6%. to USD 302.2 billion, driven by a sharp increase in capital goods imports to a record level of USD 120.7 billion.
See also: Donald Trump lifts tariffs on one product. “In Honor of the King and Queen”
Exports increased by 2%. to a record level of USD 320.9 billion. Exports of goods increased by 3.1%. up to USD 213.5 billion due to the increase in crude oil supplies. The conflict between the United States and Israel and Iran, which has disrupted oil supplies and pushed up oil prices, is likely to further boost oil exports in the coming months. The United States is a net exporter of crude oil.
