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US current account deficit hits $123.1 billion

In this Monday, Feb. 29, 2016, photo, a Foss Maritime tugboat nudges the container ship CMA CGM Benjamin Franklin into place at Seattle's Terminal 18. On Tuesday, Sept. 19, 2017, the Commerce Department reports on the U.S. current account trade deficit for the April-June quarter. The current account is the broadest trade measure, covering goods, services and investment flows. (Genna Martin/seattlepi.com via AP) In this Monday, Feb. 29, 2016, photo, a Foss Maritime tugboat nudges the container ship CMA CGM Benjamin Franklin into place at Seattle's Terminal 18. On Tuesday, Sept. 19, 2017, the Commerce Department reports on the U.S. current account trade deficit for the April-June quarter. The current account is the broadest trade measure, covering goods, services and investment flows. (Genna Martin/seattlepi.com via AP)

By Associated Press September 19, 2017 1 min read

WASHINGTON (AP) – The deficit in the broadest measure of U.S. trade rose to the highest level in more than eight years this spring, reflecting in part a drop in fines and penalties paid by foreign companies.

The Commerce Department said Tuesday that the deficit in the current account increased to $123.1 billion, up 8.5 percent from an imbalance of $113.5 billion in the first quarter. It was the biggest deficit since a gap of $150 billion in the fourth quarter of 2008.

The current account is the most complete measure of trade because it includes not only goods and services but investment flows and other payments between the United States and the world.

President Donald Trump has promised to reduce America’s trade deficit, contending it costs U.S. factory jobs.