"The US Census Bureau and the US Bureau of Economic Analysis announced today that the goods and services deficit was $57.6 billion in February, up $0.9 billion from $56.7 billion in January, revised," the release said. Both agencies are part of the Commerce Department.
February’s total was the highest since a $66.8 billion monthly shortfall in July 2008, according to historical data published by the Census Bureau.
President Donald Trump considers trade deficits a sign of US economic weakness and has vowed to reduce the red ink by renegotiating existing free-trade agreements and by aggressively enforcing US trade laws.
In March, US President Donald Trump signed an order to impose a 25-percent import tax on steel and 10-percent duties on aluminum. The new tariffs are to be in place for an indefinite period of time, but the European Union and six other US allies — Argentina, Australia, Brazil, Canada, Mexico, and South Korea — were given a temporary exemption until May 1.