The U.S. trade deficit reached a five-month high in May, totaling $55.5 billion as the deficit with Mexico set an upper record.
The U.S. trade deficit is the difference between the value of what America buys from abroad versus sells to other countries. The deficit grew 8.4% in May, mostly due to an unfavorable trade balance with China and Mexico, according to Commerce Department data released Wednesday, reported The Associated Press.
The trade deficit with Mexico rose 18.1% with a record value of $9.6 billion. The deficit with China rose 12.2% to $30.2 billion, according to the AP.
“We have almost an $800 billion a year trade deficit with other nations. Unacceptable. We are going to start whittling that down and as fast as possible,” President Donald Trump said in 2017, according to CNBC. (RELATED: Trump And Xi Agree To A Potential Trade Truce– With Conditions)
When you’re almost 800 Billion Dollars a year down on Trade, you can’t lose a Trade War! The U.S. has been ripped off by other countries for years on Trade, time to get smart!
— Donald J. Trump (@realDonaldTrump) June 2, 2018
Trump has long been concerned with issues of trade policy, vowing on multiple occasions to reduce the deficit and improve America’s balance of trade, specifically with China. Trump and Chinese President Xi Jinping agreed last week to pause what many have called the U.S.-China trade war, not implement new tariffs and return to negotiations, according to the AP.
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