(Josh Boak – Associated Press)
The U.S. trade deficit reached its highest sum ever last year, defying President Donald Trump’s efforts and promises to shrink it through his economic policies. The irony is that those policies likely contributed to the deficit.
Trump entered office insisting that decades of trade gaps had crushed the U.S. economy and that he would forge new agreements that would diminish the deficits.
It hasn’t happened.
The government said Wednesday that the U.S. trade gap in goods and services reached $621 billion last year, its highest total since 2008. And the U.S. deficits in goods with China and Mexico surged to record highs. Click here to read more.
- U.S. International Trade in Goods and Services – December 2018 (BEA)
- In a Blow to Trump, America’s Trade Deficit Hit a Record $891 Billion (New York Times)
- Despite Trump’s Promises, the Trade Deficit is Only Getting Wider (NPR)
- Stocks Slip, Trade Deficit Widens (Yahoo Finance)
- Huge Deficit Should Turn ‘Tariff Man’ Trump Into the ‘Free Trade Crusader’ (The Hill)