US Trade Deficit Rises 1.7% to $63.1 Billion in October 2020
The coronavirus, however, has upended trade in services such as education and travel in which the United States runs persistent surpluses. U.S. services exports are down nearly 20% so far this year, and America's trade surplus in services dropped in October to $18.3 billion, lowest since August 2012.
Washington, December 4: The U.S. trade deficit widened 1.7% in October to $63.1 billion. The politically sensitive gap in the trade of goods with China and Mexico grew. The gap between the goods and services the United States sold and what it bought abroad rose from $62.1 billion in September, the Commerce Department reported Friday.
The deficit in the trade of goods with China rose 9% to $26.5 billion and the gap with Mexico rose 10% to $11.8 billion. So far this year, the overall gap in the trade of goods and services with the rest of the world has risen to $536.7 billion, up 9.5% from January-October 2019.Also Read | Vijay Mallya’s Assets Worth 1.6 Million Euros in France Seized by French Authorities on ED’s Request.
President Donald Trump, who vowed to reduce the trade deficit, has imposed tariffs on foreign steel, aluminum and on $360 billion in Chinese products. The coronavirus, however, has upended trade in services such as education and travel in which the United States runs persistent surpluses. U.S. services exports are down nearly 20% so far this year, and America's trade surplus in services dropped in October to $18.3 billion, lowest since August 2012.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)