"TRADE DEFICIT SURGES to 10YR high as Trump's trade war backfires" (Reuters)

Discussion in 'Current Events' started by centerleftFL, Dec 6, 2018.

  1. centerleftFL
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    centerleftFL BANNED

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    Who DIDN'T know this was going to happen? Trump and his cultists? (I was a PSYCH major and even I knew it would happen). +7%, is that just this year??

    PS You know that's a pretty 'provocative' title for REUTERS.


    US trade deficit surges to 10-year high as Trump’s trade war backfires

    [​IMG]
    REUTERS
    06 DEC 2018 AT 09:32 ET


    [​IMG]President Donald Trump. (Embajada de EEUU en la Argentina/Flickr)

    The U.S. trade deficit jumped to a 10-year high in October as soybean exports continued to fall and imports of consumer goods rose to a record high, suggesting the Trump administration’s tariff-related measures to shrink the trade gap likely have been ineffective.

    The Commerce Department said on Thursday the trade deficit increased 1.7 percent to $55.5 billion, the highest level since October 2008. The trade gap has now widened for a five straight months. Data for September was revised to show the deficit rising to $54.6 billion instead of the previously reported $54.0 billion.
    The politically sensitive goods trade deficit with China surged 7.1 percent to a record $43.1 billion in October.

    The United States is locked in a bitter trade war with China. Washington has imposed tariffs on $250 billion worth of Chinese imports to force concessions on a list of demands that would change the terms of trade between the two countries.

    China has responded with import tariffs on U.S. goods, including soybeans. President Donald Trump has long railed against China’s trade surplus with the United States, and accuses Beijing of not playing fairly on trade.

    In addition to the duties on Chinese goods, Washington has slapped tariffs on steel and aluminum imports into the United States this year. Last Saturday, Trump and Chinese President Xi Jinping agreed to hold off on imposing more tariffs for 90 days while they negotiate a deal to end the trade dispute.

    Economists polled by Reuters had forecast the overall trade deficit rising to $55.0 billion in October. When adjusted for inflation, the goods trade deficit increased to $87.9 billion in October from $87.2 billion in September. The so-called real trade deficit is above the average for the third quarter.

    This suggests trade will probably be a drag on gross domestic product in the fourth quarter, and adds to weak housing and business spending on equipment reports in signaling a slowing down in economic growth. Trade subtracted 1.91 percentage points from GDP growth in the July-September quarter.

    Growth estimates for the fourth quarter are around a 2.8 percent annualized rate. The economy grew at a 3.5 percent pace in the third quarter....


    Wall Street extends slide, Dow plunges over 700 points | Reuters
     
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  2. blastoff
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    blastoff Undocumented Reg. User

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    It?
     
  3. Godboy
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    Godboy Gold Member

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    Were you under the impression we could get China to stop putting tariffs on our products, without having a rocky period in the beginning? Christ almighty, grow up.
     
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  4. caddo kid
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    caddo kid Silver Member

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    "TARIFF MAN" to the rescue :21:

    :abgg2q.jpg:

     
  5. forkup
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    forkup Gold Member

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    Hmms, you do realize it was Trump that initiated the tariffs right? And not on just China but nearly everybody? You are honestly claiming that Trumps objective is to end tariffs?
     
  6. Tommy Tainant
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    Tommy Tainant Gold Member

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    I think he will be very disappointed with that outcome.
     
  7. centerleftFL
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    centerleftFL BANNED

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    And just how do you suppose things will 'smoothe' out? Trump says it's his way or the highway! My industry already sent around notices about 2 months ago that we would see rises in prices as several 'components' were going to get hit with these tariffs. My industry is decided 'Republican'. The new catalogs come out in in JAN! I'm bracing.
     
  8. WillowTree
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    WillowTree Diamond Member

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  9. bear513
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    . My industry is decided 'Republican'



    ?



    You crazy guy..



    .
     
  10. bear513
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    America was a staunchly protectionist country for most of its history before World War II. One of the very first bills new President George Washington signed, for instance, was the Tariff Act of 1789. He inked the bill on July 4 of that year.

    The tariff of 1789 was designed to raise money for the new federal government, slash Revolutionary War debt and protect early-stage American industries from foreign competition.

    Then, as now, some industries sought protection in Congress from a flood of imports. Most goods entering the U.S. were subjected to a 5% tariff, though in a few cases the rates ranged as high as 50%.

    It was the first of many tariffs that Congress passed over a century and a half. They generated the vast majority of federal revenue until the U.S. adopted an income tax in 1913. In some years tariffs funded as much as 95% of the government’s annual budget.

    Tariffs have always been a source of controversy, however, starting with that very first one.
     

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