Trump announced that our US Trade Deficit fell by
$50 billion. This was due to increased
exports of US services and a drop in imports to the US so far in 2018. See
below:
Record exports cut US trade deficit to $49 billion
By
PAUL WISEMAN The Associated Press, 5/3/18.
WASHINGTON —
Record exports trimmed the U.S. trade deficit in March, the first drop in seven
months in a massive gap that President Donald Trump is determined to shrink
with an aggressive America first policy.
The Commerce
Department says the trade deficit — the difference between what America sells
and what it buys in foreign markets — slid to $49 billion, down from $57.7
billion in February and lowest since September.
Trump has vowed to
bring down America's massive deficits, which he blames on bad trade agreements
and abusive practices by U.S. trading partners.
Exports rose in
March to a record $208.5 billion, led by shipments of civilian aircraft and
soybeans. Imports slipped 1.8 percent to $257.5 billion.
The United States
ran a $20.5 billion surplus in the trade of services such as education
and banking. But that was
offset by a $69.5 billion deficit in the trade of goods.
Top administration
officials are visiting Beijing this week for talks aimed at reducing America's
huge trade deficit in goods with China, which fell 11.6 percent in March to
$25.9 billion.
Trump is
threatening to slap tariffs on up to $150 billion in Chinese products, and the
Chinese have targeted $50 billion in U.S. products, including soybeans and
small aircraft.
The administration
is also seeking to renegotiate the North American Free Trade Agreement with
Mexico and Canada, and has slapped tariffs on imported steel and aluminum.
Despite the
reduction in March, the trade gap is up 18.5 percent to $163.4 billion so far
this year.
The president
views trade deficits as a sign of economic weakness that can be brought down by
more aggressive trade policies. Most economists say they are caused by bigger
economic forces, mainly the fact that the United States consistently spends
more than it produces.
The trade gap has
continued to rise since Trump entered the White House partly because the U.S.
economy is strong and American consumers have an appetite for imported products
and the confidence and financial wherewithal to
buy them.
Norb Leahy, Dunwoody
GA Tea Party Leader
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