U.S. trade deficit with China reaches new high -- $54B

Nov. 2 (UPI) -- The U.S. trade deficit grew in September to a seven-month high, U.S. government figures showed Friday.

The deficit has grown by $447 billion in the first nine months of this year, compared to $405 billion in the same period in 2017. The United States is on track to post its largest deficit ever in a decade.

The rise was accompanied by a new record deficit with China -- $54 billion, an increase of $700 million.

Imports climbed 1.5 percent to a record $266.6 billion, the Commerce Department said, and more telecommunications equipment, clothes and toys were imported in September, mostly from China.

Exports like oil, aircraft, automobiles and pharmaceuticals also increased to $212.6 billion.

The data was revealed Friday in the department's monthly report on manufacturers' shipments, inventories and orders for September.

The administration of President Donald Trump has said cutting the deficit as a priority, but the tariffs it's imposed on Chinese goods has not yet been effective, experts say.

The impact of the tariffs has been limited and largely affect U.S. soybean exports, which fell sharply in September after a summer of buyers and sellers attempting to lock in prices before the tariffs took effect. Soybean exports remain up sharply, compared to last year.