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The graph of the week


US international trade in goods largest on record

The US trade deficit significantly deteriorated in 2018 to reach its highest level in 10 years at $ 621 billion. This results from the largest goods deficit on record ($ 891 billion), almost half of which comes from China. The protectionist measures put in place by the United States have not made it possible to reduce external imbalances. On the contrary, they have worsened owing to the contradiction of economic policy. Massive tax cuts and increased spending by the White House have resulted in higher domestic demand benefiting imports. They have increased much faster than exports, bringing goods deficit to an unprecedented level.

Aline Goupil-Raguénès
Ostrum Asset Management

On 3 April 2018, Natixis Asset Management became Ostrum Asset Management.