WASHINGTON, Feb. 5 (Xinhua) -- The U.S. trade deficit widened sharply in December, as imports reached an all-time high amid looming tariff threats, according to data released on Wednesday.
The Commerce Department's U.S. Census Bureau and the Bureau of Economic Analysis (BEA) announced that the goods and services deficit was 98.4 billion U.S. dollars in December, up 19.5 billion dollars, or 24.7 percent from that in November, the report showed.
December exports were 266.5 billion dollars, which is 7.1 billion dollars, or 2.6 percent, less than November exports. December imports were 364.9 billion dollars, which is 12.4 billion dollars, or 3.5 percent, more than November imports.
U.S. President Donald Trump on Monday suspended a 25 percent tariff on Mexican and Canadian goods for a month, allowing more time for negotiations. An additional 10 percent levy on goods from China went into effect on Tuesday.
Trump's tariffs on Canada, Mexico and China would cost the typical U.S. household over 1,200 dollars a year, according to a new analysis released Wednesday by the Peterson Institute for International Economics (PIIE).
