Despite Trump's promise to eliminate the trade deficit by imposing the highest level of tariffs on imported goods in 80 years, a report released by the U.S. Department of Commerce on Thursday showed that the U.S. goods trade deficit reached a record $120 billion last year. This report is the first full-year assessment of Trump's large-scale efforts to reshape the global trading system. Economists said that even with high tariffs imposed on imports from China, the European Union, and dozens of other countries, the trade deficit still exists, reflecting the limitations of the policy tools favored by Trump. Data from the U.S. Department of Commerce showed that if a broader measure of the trade balance is used, including services such as tourism, education, and financial management, the annual trade deficit was $901.5 billion, a slight decrease from the previous year.
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Original: toutiao.com/article/1857618756860169/
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