The trade deficit soared to the highest level seen since 2008, the height of the Great Recession, according to a preliminary report released Thursday by the Bureau of Economic Analysis.
The current account trade deficit, which is considered the most accurate measurement of the flow of investments, goods and services across America’s borders, jumped 9.9% in the first quarter due to a $9.6 billion decline in overseas investments, only partially offset by gains in the merchandise and services sectors.
According to the bureau, the trade deficit "increased to $124.7 billion (preliminary) in the first quarter of 2016 from $113.4 billion (revised) in the fourth quarter of 2015." That was the highest deficit since the $152.5 billion shortfall in the fourth quarter of 2008.
Republican presidential nominee Donald Trump has repeatedly blamed China’s currency manipulations and America’s trade agreements as responsible for the trade deficit and jobs moving overseas. The economy, along with national security, is one of the major issues of concern for voters going into November.
Trump, who has made foreign trade policy a foundation of his election platform tweeted on Thursday, "the trade deficit rose to a 7yr high thanks to horrible trade policies Clinton supports. I will fix it fast- JOBS!"