Trade
US Trade Deficit With China Narrows to Lowest Since 2010
- Shrinking gap reflects broader reshaping of supply chains
- US trade deficits with other countries hit record highs
The excess of imports over exports to China was $279 billion.
Photographer: Jason Lee/AFP/Getty ImagesThis article is for subscribers only.
The US goods-trade deficit with China shrank to the smallest total since 2010 last year, reflecting a decline in imports from its geostrategic rival that will be welcomed in Washington.
The excess of imports over exports to China was $279 billion, US Commerce Department data showed Wednesday. As a share of GDP, the goods deficit with China came in at just 1%, the lowest level since 2002.