US trade deficit soars to decade high of $621 billion despite Trump pledge to bridge the gap

© Getty Images / Orbon Alija

WASHINGTON D.C., Mar 7, 2019, RT. Despite the trade war against China and numerous import tariffs imposed on a number of countries, the US trade deficit hit a 10-year high of $621 billion last year, the US Commerce Department reported, according the Russia Today.

In December alone, the imbalance in trade, which represents the difference between the values of imported goods and services and the value of the country’s sales abroad, jumped nearly 19 percent to a seasonally adjusted $59.8 billion. The shortfall reportedly came due to a 2.1-percent increase in imports to $264.9 billion, while exports saw a decline of 1.9 percent to $205.1 billion.

The full-year figure represents the highest mark since 2008, when the country reported a $709 billion deficit due to the peak of the recession. In 2018, the goods and services year-on-year shortfall increased by $68.8 billion, or 12.5 percent.

“Exports increased $148.9 billion, or 6.3 percent. Imports increased $217.7 billion, or 7.5 percent,” the report reads.

Decreasing the US trade deficit became one of the key issues raised during the election campaign by President Donald Trump, who repeatedly vowed to “make America great again.” To meet his pledges, Trump abandoned the 12-nation trade pact known as the Trans-Pacific Partnership (TPP) as soon as he took office.

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