Despite all hue and cry of US President Donald Trump regarding imposing trade barriers, USA’s trade deficit is on the rise. As per United States Department of Commerce, the country’s trade deficit in goods and services rose 8.4 per cent in May.
The monthly deficit of US $ 55.5 billion reflected a 2 per cent increase in exports to US $ 210.6 billion, and a 3.3 per cent increase in imports to US $ 266.2 billion.
Experts are of the view that the increase in imports to US $ 266.2 billion was the largest such gain in more than four years and came in spite of an increasing number of import restrictions put in place by the Trump administration.
The deficit in goods trade rose 6.1 per cent to US $ 76.1 billion in May. Imports of goods were up 4.0 per cent to US $ 217 billion, including US $ 1.4 billion in consumer goods.
The largest trading partner of US, China saw 2.4 per cent growth as US’s trade deficit with it stood at US $ 30.1 billion, which is the highest.
As far as India is concerned, US’s trade deficit with it was US $ 1.9 billion (+46.2 per cent). On the other hand, US’s trade deficit with Canada grew 100 per cent.
