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The U.S. trade deficit widened for the second straight month in July, reaching the highest level since February, as imports hit an all-time high. The deficits in goods with China and the European Union set records.
The Commerce Department said Wednesday that the deficit in goods and services — the difference between what America sells and what it buys from other countries — rose to $50.1 billion in July from $45.7 billion in June. Exports slipped 1 percent to $211.1 billion. Imports increased 0.9 percent to a record $261.2 billion on increased purchases of trucks and computers.
Japan signed a trade agreement with the EU and Japan, China, Australia, South Korea and India are looking to sign another, the largest Asian trade agreement called RCEP. Both leave out the U.S. Meanwhile Trump is goofing around with Mexico and insulting Canada. The damage Trump will leave behind could be long lasting.
But wait...the liberals told us that tariffs would cause a trade war, the Chinese would stop selling us stuff, prices would skyrocket, the economy would crash, and the sky would fall. They couldn’t have been lying, could they?
The damage Trump will leave behind could be long lasting.
What could be worse than a $13 trillion cumulative trade deficit with the rest of the world? I'm old enough to remember when everything was made in the USA. How did we ever survive that period?
But wait...the liberals told us that tariffs would cause a trade war, the Chinese would stop selling us stuff, prices would skyrocket, the economy would crash, and the sky would fall. They couldn’t have been lying, could they?
I'm confused -- a larger deficit is a problem and is not solving what Trump identified as the problem. Trump doesn't like a trade deficit. Do you even known what he is trying to fix?
Prices are rising -I don't remember anyone saying China would stop selling stuff or that the prices would skyrocket.
The U.S. trade deficit increased to a five-month high in July as exports of soybeans and civilian aircraft declined and imports hit a record high, suggesting that trade could be a drag on economic growth in the third quarter.
The increase was the biggest monthly widening since 2015.
The Commerce Department said on Wednesday the trade gap jumped 9.5 percent to $50.1 billion, widening for a second straight month. Data for June was revised to show the trade deficit rising to $45.7 billion, instead of the previously reported $46.3 billion.
The politically sensitive goods trade deficit with China surged 10 percent to a record $36.8 billion.
Economists polled by Reuters had forecast the overall trade deficit swelling to $50.3 billion in July. The trade gap continues to widen despite the Trump administration's "America First" policies, which have left the United States embroiled in tit-for-tat tariffs with the European Union, Canada and Mexico as well as an escalating trade war with China.
So much winning. Starting a trade war with China in the name of MAGA. It will take America a generation to recover from tRump's ignorant actions based mostly on delusion.
It's going to get worse. Much worse. Countries are learning to do without the U.S. China is all too eager to fill the gap left by the U.S. and Japan, China, Australia, India and South Korea are working on a trade agreement that will be the largest one in Asia. Trump created this mess, starting with pulling us out of the TPP. Now he's left to goof around with Mexico.
The U.S. trade deficit increased to a five-month high in July as exports of soybeans and civilian aircraft declined and imports hit a record high, suggesting that trade could be a drag on economic growth in the third quarter.
The increase was the biggest monthly widening since 2015.
The Commerce Department said on Wednesday the trade gap jumped 9.5 percent to $50.1 billion, widening for a second straight month. Data for June was revised to show the trade deficit rising to $45.7 billion, instead of the previously reported $46.3 billion.
The politically sensitive goods trade deficit with China surged 10 percent to a record $36.8 billion.
Economists polled by Reuters had forecast the overall trade deficit swelling to $50.3 billion in July. The trade gap continues to widen despite the Trump administration's "America First" policies, which have left the United States embroiled in tit-for-tat tariffs with the European Union, Canada and Mexico as well as an escalating trade war with China.
So much winning. Starting a trade war with China in the name of MAGA. It will take America a generation to recover from tRump's ignorant actions based mostly on delusion.
So you're happy with the status quo where Americans get screwed. Interesting.
Comparative advantage is one of the most important contributions to economics and really to human kind. That Trump thinks trade is a zero sum game is no surprise: the guy has a third grader's understanding of economics and civics.
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US trade deficit jumps by the most in 3 years
