Tag: Trump trade deficit

Trump’s Sick and Wealthy Trade Deficit

Recent trade data suggest America’s deficit is narrowing, but experts are skeptical the economy is meaningfully benefiting.

AMERICA’S TRADE DEFICIT is expected to drop in 2019 to its lowest level since President Donald Trump entered the White House – an apparent sign that his liberal use of tariffs and trade threats is fulfilling a key campaign promise of chipping away at the U.S. trade shortfall with the rest of the world.

But America’s trade standing may not be nearly as healthy as it looks.

Analysts remain unconvinced that the trade barriers have meaningfully improved the U.S. economy or supported workers and businesses. Exports were still down through the first 11 months of 2019, and new research suggests American importers and consumers have borne the brunt of the tariffs’ economic impact. Continue reading.

Trump keeps claiming the trade deficit is going down. It’s not.

“You saw trade deficits went down last month and everyone’s trying to figure out why. Well, we’re taking a lot of tariff money. And it has reduced the trade deficit.”

— President Trump, remarks in Hanoi, Feb. 28

The president really, really, really wants trade deficits to decline. But reality keeps biting.

During his news conference in Hanoi after the collapse of summit talks with North Korean leader Kim Jong Un, Trump made the observation above. It reminded us of the time in mid-2018 when he repeatedly claimed the quarterly trade deficit had declined $52 billion and complained that “nobody reports it.”

Well, that’s because it was not true. He stopped making that claim after our fact check appeared.

But now he highlights a one-month decline in the trade deficit — and says it’s because “we’re taking in a lot of tariff money.”

View the complete March 1 article by Glenn Kessler on The Washington Post website here.

Under Trump’s watch, the U.S. is on track for the highest trade deficit in 10 years

The following article by Heather Long was posted on the Washington Postwebsite August 3, 2018:

President Donald Trump pauses during a rally, Thursday, Aug. 2, 2018, at Mohegan Sun Arena at Casey Plaza in Wilkes Barre, Pa.. Credit: Carolyn Kaster/AP

The United States trade deficit widened in June and is on track to be the biggest in a decade despite President Trump’s efforts to slash it.

For the first half of 2018, the trade deficit in goods and services hit $291.2 billion, the federal government reported Friday, which is higher than last year and puts the nation on track to have the largest annual deficit since 2008.

Trump has repeatedly promised to reduce the trade deficit during his White House tenure, but so far, it has grown under his watch.

View the complete article here.