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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