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U.S. Posts Record Annual Trade Deficit
Keywords: U.S. China Trade War, U.S. Trade Deficit, ,
More evidence in Commerce Department trade figures that president Trump's strategy of imposing tariffs on $200 billion of Chinese goods and renegotiating trade pacts with Canada, Mexico and South Korea was not sufficient to reverse the huge U.S. trade deficit. The international trade deficit in goods and service increased 19% in December from prior month to $59.8 billion. Excluding services that U.S. sells to foreigners such as tourism, intellectual property and banking, the deficit grew to $891 billion the largest on record.
Mr. Trump's tax policy of increasing the fiscal deficit increased growth in the U.S. at a time when the rest of the world economy was slowing leading to higher demand for imports, and the 4 increases in interest rates by the U.S. Federal Reserve helped strengthen the U.S. dollar that pushed up imports.
The U.S. trade deficit in 2019 up to $891 billion in 2019 February, even with the Trump tariffs on imports
03/06/2019
Grouped Articles
U.S. Posts Record Annual Trade Deficit
WSJ 03/06/2019
Trump promised to shrink the trade deficit. Instead, it exploded.
Washington Post 03/06/2019
Trump Could Raise Tariffs on China. Here’s How China Could Respond.
NYTimes.com 05/09/2019
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