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US trade deficit hits nine-year high on falling exports

US trade deficit hits nine-year high on falling exports

WASHINGTON: The US trade deficit swelled in January to its largest level in nearly a decade as the world’s biggest economy exported less fuel and sold fewer aircraft, government data showed Wednesday.

The news comes amid White House furor over trade policy, with President Donald Trump’s top economic advisor Gary Cohn announcing his resignation late Tuesday after losing a bruising internal battle over whether to impose punishing tariffs on steel and aluminum.

In the first month of the year, the US trade gap rose five percent over an upward-revised December to $56.6 billion, its highest level since October of 2008, overshooting analyst expectations, which anticipated an increase of only two percent.