centerleftFL
Gold Member
- Mar 3, 2018
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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
REUTERS
06 DEC 2018 AT 09:32 ET
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
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
REUTERS
06 DEC 2018 AT 09:32 ET
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