US Trade Deficit Update

The US trade deficit is shrinking. China imports to the US are down $200 billion from 2018.

Nominal GDP Rankings by Country

According to the International Monetary Fund, these are the highest ranking countries in the world in nominal GDP in 2018:

United States (GDP: 20.49 trillion)

China (GDP: 13.4 trillion)

Japan: (GDP: 4.97 trillion)

Germany: (GDP: 4.00 trillion)

United Kingdom: (GDP: 2.83 trillion)

France: (GDP: 2.78 trillion)

India: (GDP: 2.72 trillion)

Italy: (GDP: 2.07 trillion)

Brazil: (GDP: 1.87 trillion)

Canada: (GDP: 1.71 trillion)

http://worldpopulationreview.com/countries/countries-by-gdp/

US Imports 2018

China $539.5 billion

Mexico $346.0 billion

Canada $318.5 billion

Japan $142.6 billion

Germany 125.9 billion

https://www.thebalance.com/u-s-imports-by-year-and-by-country-3306259

US Imports 2019

US imports from China from January through August 2019 were $301.7 billion. Exports from the US to China were $70.1 billion. The US Trade Deficit with China was $231.5 billion.

https://www.census.gov/foreign-trade/balance/c5700.html

US Trade Deficit with China 2018

The US trade deficit with China in 2018 was $419.5 billion. Imports from China were $539.7 billion.  Exports from US to China were $120.2 billion.

The average trade deficit with China in 2018 was $35 billion per month. If we add $35 billion to forecast the deficit for the remaining 4 months of 2019, our trade deficit with China in 2019 will be $140 billion plus $231.5 billion or $371.5 billion for a reduction of $48 billion. Continuing the Tariffs are needed to cut the deficit in half to $200 billion.

https://www.census.gov/foreign-trade/balance/c5700.html#2018

Norb Leahy, Dunwoody GA Tea Party Leader