The US chalked up its largest trade deficit in nearly five years in January, suggesting trade will again weigh on economic growth in the first quarter.
However, the trade deficit with Mexico narrowed to $3.9bn, the smallest since July 2015.
The deficit in January jumped 9.6 per cent to $48.5bn, compared to a deficit of $44.3bn in December, Commerce Department figures revealed on Tuesday.
While the figures are in line with expectations, this was the largest monthly gap since a deficit of $50.2 bn in March 2012.
Reducing trade deficit was a key pledge of Donald Trump’s presidential campaign last year and the latest figures could be seized as evidence of the need for the US to renegotiate deals with some of its major trading partners.
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US trade deficit jumps to 5-year high of $48.5 billion
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