How's that pesky trade war Trump started? U.S. Trade Deficit in Goods Reaches Record High

[Fort Fun Indiana]

China is playing the long game while Donald Trump fiddles.

You're rooting for your team, of course.

And you are rooting for your orange god. Guess what? He is really falling on his face. The trade war is a total bust. He started it for personal gain, which is gross. Now he is begging china for a deal to get almost back to where we were before his stupid trade war...also for personal gain. Gross.

 

[Toro]

and those manufacturing jobs

Yeah, i mean, look how much better since trump!:

You freaks have no idea what you are talking about. Just a bunch of cultish sheeple, regurgitating whatever nonsense the right wing nutsacks are vomiting on yer AM radio...

You're an idiot. And Happy Thanksgiving, idiot...

Annualized rate of manufacturing job growth first 45 months of the Trump administration: 0.9%
Annualized rate of manufacturing job growth last 45 months of the Obama administration: 1.0%

All Employees, Manufacturing

 

[Fort Fun Indiana]

and those manufacturing jobs

Yeah, i mean, look how much better since trump!:

You freaks have no idea what you are talking about. Just a bunch of cultish sheeple, regurgitating whatever nonsense the right wing nutsacks are vomiting on yer AM radio...

You're an idiot. And Happy Thanksgiving, idiot...

Annualized rate of manufacturing job growth first 45 months of the Trump administration: 0.9%
Annualized rate of manufacturing job growth last 45 months of the Obama administration: 1.0%

All Employees, Manufacturing

Oh, look at that, another idiotic trump cult talking point is actually the OPPOSITE of reality. Which, of course,means they will continue to vomit it. Forever.

 

[Toro]

The best job growth in manufacturing came under Jimmy Carter.

 

[Mac1958]

Annualized rate of manufacturing job growth first 45 months of the Trump administration: 0.9%
Annualized rate of manufacturing job growth last 45 months of the Obama administration: 1.0%

Hey, at least we were able to explode the deficit in a non-recessionary period!

So there's that!
.

 

[Toro]

Also from that data series

Annualized rate of manufacturing job growth in the first 22 months after the Tax Cuts and Jobs Act of 2017 was passed: 1.2%
Annualized rate of manufacturing job growth in the last 22 months of the Obama administration: 1.2%

 

[Toro]

FTR I believe Trump is better for the economy than Obama. But this partisan shrill nonsense is just that, partisan shrill nonsense.

Hyper-partisan people are only interested in picking out the facts which support their side, no matter what the side.

 

[Toro]

According to the data as of October 2019, 266,000 manufacturing jobs have been created in the first 22 months of the tax cuts versus 264,000 in the last 22 months of the Obama administration.

 

[Fort Fun Indiana]

FTR I believe Trump is better for the economy than Obama.

Oh yeah? So obama didn't implement enough tariffs? Obama didnt send enough troops to Saudi Arabia to keep gas prices down? Obama didn't do enough to harm farmers? I dont get it.

 

[Ame®icano]

Who's "everyone", you?

No, literally everyone, including you cultists, despite your bad acting attempts to the contrary.

The word "literally" doesn't mean what you think it means.

 

[Fort Fun Indiana]

Who's "everyone", you?

No, literally everyone, including you cultists, despite your bad acting attempts to the contrary.

The word "literally" doesn't mean what you think it means.

Oh,it does. Even you cultists knew what a fuknut Trump was. That's what you liked and like about him...

 

[Toro]

We have a trade deficit because we don't have enough savings to fund our spending.

Juat as importantly, and probably more so, we have trade deficits because our economy is so advanced. Trade deficits are not necessarily a bad thing at all.

It's not so much that it's advanced. Germany has an advanced economy too, and it runs a trade surplus.

But it's important to note that there is absolutely no relationship between economic growth and trade deficits/surpluses. Some economies growth fast with trade deficits and some growth slowly with trade surpluses.

If you've studied economics, you must understand the simple identity

(current account) = capital account

The current account is the trade account. The capital account is the balance of capital flows. We will have a positive capital account if we are importing more capital than we are exporting.

If the current account is in a deficit, the capital account must be in a surplus. If everyone in the world decides that they want to invest in the United States moreso than Americans want to invest in the rest of the world, then we will run a trade deficit, and it has nothing to do with our trade competitiveness. If Americans want to consume more than we save, then we must import capital, and we will run a trade deficit, and it has nothing to do with our trade competitiveness. The trade deficit is due primarily because of the American consumer. Trump's policies have merely accelerated these trends. Tariffs will not solve this, unless the purpose of the tariffs is to drive the economy into a brutal recession, which will lead to a narrowing of the trade deficit.

Very few people in this thread have studied economics and thus don't understand this.

 

[Toro]

FTR I believe Trump is better for the economy than Obama.

Oh yeah? So obama didn't implement enough tariffs? Obama didnt send enough troops to Saudi Arabia to keep gas prices down? Obama didn't do enough to harm farmers? I dont get it.

Trump's tariffs are bad for the economy. They raise taxes and create economic inefficiencies. They are wealth transfers from one group of Americans to another, no different than welfare payments.

However, his tax cuts and deregulation are good for the economy, though the deficits from the tax cuts will cause a drag on the economy down the road. Obama's regulations increased costs on the economy with no concurrent economic benefits.

 

[Ame®icano]

China is playing the long game while Donald Trump fiddles.

You're rooting for your team, of course.

And you are rooting for your orange god. Guess what? He is really falling on his face. The trade war is a total bust. He started it for personal gain, which is gross. Now he is begging china for a deal to get almost back to where we were before his stupid trade war...also for personal gain. Gross.

To every question about Trump, you lefties have the same answer.

"He's doing it for personal gain."

What you fail to explain is how he gain personally in anything, in this case, in trade war.

 

[Ame®icano]

Who's "everyone", you?

No, literally everyone, including you cultists, despite your bad acting attempts to the contrary.

The word "literally" doesn't mean what you think it means.

Oh,it does. Even you cultists knew what a fuknut Trump was. That's what you liked and like about him...

I agree with you, kinda.

We... or at least I voted for him because he was not part of Washington, he's an outsider that "doesn't belong" there. I always thought of him as a jerk, and didn't even like him. But I heard the message. And to go against establishment, you have to be a jerk. Back then, I had no high hopes, but since he's been elected, he exceeded my expectations. My biggest complaint about him is that he's not jerk enough.

 

[Ame®icano]

We have a trade deficit because we don't have enough savings to fund our spending.

Juat as importantly, and probably more so, we have trade deficits because our economy is so advanced. Trade deficits are not necessarily a bad thing at all.

It's not so much that it's advanced. Germany has an advanced economy too, and it runs a trade surplus.

But it's important to note that there is absolutely no relationship between economic growth and trade deficits/surpluses. Some economies growth fast with trade deficits and some growth slowly with trade surpluses.

If you've studied economics, you must understand the simple identity

(current account) = capital account

The current account is the trade account. The capital account is the balance of capital flows. We will have a positive capital account if we are importing more capital than we are exporting.

If the current account is in a deficit, the capital account must be in a surplus. If everyone in the world decides that they want to invest in the United States moreso than Americans want to invest in the rest of the world, then we will run a trade deficit, and it has nothing to do with our trade competitiveness. If Americans want to consume more than we save, then we must import capital, and we will run a trade deficit, and it has nothing to do with our trade competitiveness. The trade deficit is due primarily because of the American consumer. Trump's policies have merely accelerated these trends. Tariffs will not solve this, unless the purpose of the tariffs is to drive the economy into a brutal recession, which will lead to a narrowing of the trade deficit.

Very few people in this thread have studied economics and thus don't understand this.

I agree with you on most, except on one thing, the purpose of the tariffs.

I disagree that purpose of tariffs is to drive economy into recession, but to renegotiate the current trade deals unfavorable to us, to force them to play by the rules and to level the playing field.

 

[edward37]

The trade balance is actually worse than it seems because record oil and gas exports from the USA are masking the decline in goods and services exports.

Manufacturing is already in decline in the USA and investment in industry is declining.

Donald Trump has trashed brand America and consumers around the world are reducing their purchases of US manufactures and services.

Tourism by foreigners has also declined as Donald Trump has made foreigners feel they are unwelcome in the USA.

Donald Trump has shot Uncle Sam in both feet.

Infographic: U.S. Trade Deficit in Goods Reaches Record High

U.S. Trade Deficit in Goods Reaches Record High
by Felix Richter,
Aug 5, 2019

Despite all efforts by the Trump administration to reign in the country’s trade deficit, the gap between imports to and exports from the United States climbed to a 10-year high in the first half of 2019. According to figures released by the Bureau of Economic Analysis on Friday, the U.S. trade deficit in goods and services declined slightly in June, bringing the total deficit to $316 billion for the first half of 2019, the highest it’s been since 2008. The increase was mainly caused by a historically high deficit in goods trade, which amounted to a record $439 billion, of which $219 billion can be traced back to trade with China alone.

While the U.S. trade deficit continues to climb overall, imports from China have in fact been affected by the ongoing trade war between the two economic superpowers. U.S. goods imports from China dropped by more than $30 billion in the first half of 2019 compared to the previous year.

DESCRIPTION
This chart shows the U.S. trade balance in goods, services and overall. ...

So you would rather take every other leader's approach than Trump's - do nothing and be China's bitch...

No thanks.

I suggested years ago to put a selective 25% tariff on Chinese Goods until they started playing fair. But to do it willy nilly causes these kind of problems. One of the things I suggest we put the extra tariff on was Chicken. The US provides almost all the Chicken to China for their consumption and their exported processed chicken. it hasn't been done even today. Do the same for Pork for the same reasons. But leave the bulk of the other items alone. If a product is found to be in violation of a copyright then dont' allow it to be imported at all. But to play God with the Tariffs when Rump doesn't have the foggiest idea how to do it is just plain stupid and it ends up with stupid results. There are smarter people than Rump that he could bring in that are pros at it. But according to him, he's smarter than they are.

Why didn't the moron approach China with all our allies behind us?? Or did the pos make it impossible because he was bashing all of them too?

 

[edward37]

FTR I believe Trump is better for the economy than Obama.

Oh yeah? So obama didn't implement enough tariffs? Obama didnt send enough troops to Saudi Arabia to keep gas prices down? Obama didn't do enough to harm farmers? I dont get it.

Trump's tariffs are bad for the economy. They raise taxes and create economic inefficiencies. They are wealth transfers from one group of Americans to another, no different than welfare payments.

However, his tax cuts and deregulation are good for the economy, though the deficits from the tax cuts will cause a drag on the economy down the road. Obama's regulations increased costs on the economy with no concurrent economic benefits.

Benefit enough that allowed trump to grow them further This wealth transfer has been going on for 30 or more years It's just increased under trump

 

[Toro]

I agree with you on most, except on one thing, the purpose of the tariffs.

I disagree that purpose of tariffs is to drive economy into recession, but to renegotiate the current trade deals unfavorable to us, to force them to play by the rules and to level the playing field.

The purpose of the tariffs are two-fold. They aren't designed to drive the economy into recession. Trump is under the misguided belief that they help the economy.

First, they have been implemented in the false belief that trade deficits are bad. Trump has said this since the 1980s. That's why he's put tariffs on our allies such as Canada and Europe. This is false.

Second, they have been implemented to try to change the behavior of China. Trump does have a point that China has been ripping us off for decades, particularly stealing our technology. I have no argument against that. However, it comes with a cost, which is higher taxes on the economy.

 

[Mac-7]

The trade balance is actually worse than it seems because record oil and gas exports from the USA are masking the decline in goods and services exports.

Manufacturing is already in decline in the USA and investment in industry is declining.

Donald Trump has trashed brand America and consumers around the world are reducing their purchases of US manufactures and services.

Tourism by foreigners has also declined as Donald Trump has made foreigners feel they are unwelcome in the USA.

Donald Trump has shot Uncle Sam in both feet.

Infographic: U.S. Trade Deficit in Goods Reaches Record High

U.S. Trade Deficit in Goods Reaches Record High
by Felix Richter,
Aug 5, 2019

Despite all efforts by the Trump administration to reign in the country’s trade deficit, the gap between imports to and exports from the United States climbed to a 10-year high in the first half of 2019. According to figures released by the Bureau of Economic Analysis on Friday, the U.S. trade deficit in goods and services declined slightly in June, bringing the total deficit to $316 billion for the first half of 2019, the highest it’s been since 2008. The increase was mainly caused by a historically high deficit in goods trade, which amounted to a record $439 billion, of which $219 billion can be traced back to trade with China alone.

While the U.S. trade deficit continues to climb overall, imports from China have in fact been affected by the ongoing trade war between the two economic superpowers. U.S. goods imports from China dropped by more than $30 billion in the first half of 2019 compared to the previous year.

DESCRIPTION
This chart shows the U.S. trade balance in goods, services and overall. ...

Rather than rejoicing in America’s loss you should be lamenting the globalist control over your country

The loss of American power will hurt future generations of American children

Donald Trump is an illusionist who has clouded the minds of his followers while filling his pockets with their money.

Trumpery of tariffs won't make America great.

Tariffs are a step in the right direction