Trade wars are not so easy to win after all. The president’s much-touted tariffs haven’t helped furious steelworkers hang on to their jobs.
Despite massive tariffs imposed by President Donald Trump, the U.S. just chalked up its biggest trade deficit in 14 years.
The gap between the value of goods and services the U.S. buys compared to what it sells abroad climbed 5.9% in August to $67.1 billion. That’s the largest gap since August 2006.
Imports were up 3.2%, to $239 billion — led by purchases of crude oil, cars and auto parts — compared with exports, which rose just 2.2% to $171.9 billion on shipments mostly of soybeans, reported the U.S. Bureau of Economic Analysis.
So far this year, the U.S. has recorded a trade gap of $421.8 billion — up 5.7% from January to August 2019 — even though balancing the trade gap has been a signature promise of Trump’s.
Doesn't look good. What do you think?
Despite massive tariffs imposed by President Donald Trump, the U.S. just chalked up its biggest trade deficit in 14 years.
The gap between the value of goods and services the U.S. buys compared to what it sells abroad climbed 5.9% in August to $67.1 billion. That’s the largest gap since August 2006.
Imports were up 3.2%, to $239 billion — led by purchases of crude oil, cars and auto parts — compared with exports, which rose just 2.2% to $171.9 billion on shipments mostly of soybeans, reported the U.S. Bureau of Economic Analysis.
So far this year, the U.S. has recorded a trade gap of $421.8 billion — up 5.7% from January to August 2019 — even though balancing the trade gap has been a signature promise of Trump’s.
Trump's New Legacy: Biggest U.S. Trade Deficit In 14 Years
Trade wars are not so easy to win after all. The president's much-touted tariffs haven't helped furious steelworkers hang on to their jobs.
www.huffpost.com
Doesn't look good. What do you think?