Commerce: Trade Deficit with Mexico and Japan ‘Unsustainable’
The US trade deficit with Mexico and Japan was found to be growing at an alarming rate following the release of the March 2017 US International Trade in Goods and Services monthly data by the Department of Commerce.
The trade deficit increased by $363 million with Mexico and by $1.6 billion with Japan from February to March of this year.
“The United States can no longer sustain this inflated trade deficit with our closest trading partners,” said Commerce Secretary Wilbur Ross. “The Trump administration is committed to rebalancing our trade relationships in order to protect American workers and businesses from lopsided trade relationships.”
While China continued to be the United States’ largest source of trade deficit, the United States year-to-date trade deficit with China improved by 2.5 percent.
Year-to-date, the goods and services deficit increased $9.4 billion, or 7.5 percent, from the same period in 2016. Exports increased $38.0 billion or 7.1 percent. Imports increased $47.5 billion or 7.1 percent.
In March 2017, the trade deficit was $43.7 billion. March exports were $191.0 billion, $1.7 billion less than February exports. March imports were $234.7 billion, $1.7 billion less than February imports.
The March decrease in the goods and services deficit reflected an increase in the goods deficit of $0.4 billion to $65.5 billion and an increase in the services surplus of $0.4 billion to $21.8 billion.