Thursday, August 15, 2024

US Trade Deficit 8-15-24

This Trade Deficit update includes data from Jan-Jun 2021. The US trade deficit went out of control in 2021 and 2023. We need to produce everything we consume. 

Year   $ Billions   

2024 -1135.1740 est

2023 -1717.3880  

2022 -1177.3729

2021 -1078.0531

2020   -977.0561

2019   -850.9174

2018   -870.3584

2017   -792.3960

2016   -735.3260

https://www.census.gov/foreign-trade/balance/c0004.html

Comments

Trump took office in 2017 and inherited a high trade deficit from the global supply chain. Trump expanded oil and natural gas capacity and began to lower the trade deficit in 2019. COVID hit in 2020 and the trade deficit went up. Trump imposed high Tariffs on Chinese imports.

Biden took office in 2021 and the trade deficit went over $1 trillion. It peaked in 2023 to $1.7 trillion and contracted to a $1.1 trillion annual estimate in 2024. Most imports were wind and solar from China. Biden kept the Tariffs on Chinese imports.

If Trump wins, he will complete the oil and natural gas infrastructure and unleash oil and natural gas production to export to Asia and Europe. He will impose additional Tariffs to re-shore US manufacturing.

Lower energy prices will help restore the US economy and end the wars in Ukraine and Israel.

Norb Leahy, Dunwoody GA Tea Party Leader


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