The trade between the United States and India has decremented further, according to the Bureau of Economy Analysis. BEA states that India has recorded a decrease in the deficit from USD 22.9 billion in 2017 to USD 21.3 billion in 2018, as reported by the Indian daily news, The Economic Times.
On the flip side, the US trade deficit has soared to USD 59.8 billion from earlier USD 50.3 in goods and services, according to BEA, as reported by the Indian daily news, The Economic Times.
The falling numbers demonstrate that USD 891.3 billion (FY-2018) was the largest US trade deficit in the history of America. Besides India, the US trade deficit with Chain soared to USD 419.2 billion in FY-2018, as reported by the Indian daily news, The Economic Times.
The opposition parties in the US are slamming the current US president Donald Trump for the trade deficit. Scott Paul, the president of Alliance for American Manufacturing, criticized the US president and his policies and reckons that the drafted US policies are the cause of trade deficit.
"The selective interventions of the administration on trade have been helpful to key sectors, but these actions haven't put a dent in the massive deficit. The administration's fiscal policies have helped to boost the trade deficit, as has its reluctance to engage more actively in exchange rate misalignment, said Scott Paul, as reported by the Indian daily news, The Economic Times.