Abridge Newsjust landed in the App Store.
The Quick Facts
- Yesterday, the Commerce Department released figures showing that America’s trade deficit in goods with the rest of the world rose to its highest level in history last year.
- In 2018 the U.S. imported a record number of products, including from China, and widened the deficit to $891.3 billion.
- Additionally, in the month of December, the deficit rose 19 percent from the previous month, marking the highest monthly trade deficit since 2008.
- A trade deficit is the difference between how much a country sells to its trading partners and how much it buys, and it generally includes both goods and services.
- The large trade deficit is likely due to a number of factors, including a global economic slowdown, the strength of the U.S. dollar, the recent tax cut, and the trade war escalated by President Trump last year.