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Why Trump’s Effort to Narrow the Trade Gap Has Flopped So Far
Keywords: U.S. Tariffs, U.S. Imports, Trump Tariffs,
U.S. imports exceeded exports by a record $914 billion in 2018, increasing from $859 billion in 2017, according to the Commerce Department. The trade deficit is now 16% larger than when Mr. Trump took office. President Trump's tax policies with large fiscal deficits acted as a large stimulus to imports. Companies imported more.
The dollar strengthened as the U.S. fiscal stimulus came at a time when the rest of the world economy was slowing. As a result the U.S. imported more.
The tariffs on $300 billion of Chinese goods had one benefit - it brought the Chinese to the negotiating table to cut imports. Yet the trade deficit has not narrowed as the president planned.
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