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U.S. Trade Deficit Rises To 12-Year High $679 Billion

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FILE - In this June 19, 2019, file photo cargo ships are docked at the Port of Los Angeles in Los Angeles. The economy grew by a moderate 2.1% in the fourth quarter of last year, but many economists believe that will be the last positive growth seen for awhile as the country endures a sharp contraction due to the impact of the coronavirus. (AP Photo/Marcio Jose Sanchez, File)

(AP) — The U.S. trade deficit rose 18% last year to $679 billion, highest since 2008, as the coronavirus disrupted global commerce and confounded then-President Donald Trump’s attempts to rebalance America’s trade with the rest of the world. The Commerce Department said Friday that the gap between the value of the goods and services the United States sells abroad and what it buys climbed from $577 billion in 2019. Exports skidded 16% to $2.1 trillion, and imports fell 9.5% to $2.8 trillion. As president, Trump sought to narrow the gap by imposing taxes on imported goods on a scale unseen since the trade wars of the 1930s.

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