WASHINGTON — The overall United States trade deficit shrank last year as the American economy cooled and President Trump waged an aggressive global trade war to rewrite America’s trading terms.
The trade deficit for both goods and services fell to to $616.8 billion in 2019, down $10.9 billion from the previous year, according to data released by the Commerce Department on Wednesday.
Both imports and exports fell as American factory activity slowed and businesses and consumers felt the impact of tariffs imposed on China, the European Union, Canada, Mexico and elsewhere. Total American exports dropped $1.5 billion to roughly $2.5 trillion, while imports fell $12.5 billion to $3.1 trillion.
