How Trump is fueling the trade deficit he hates to a 10-year high via YahooFinance
The U.S. trade deficit jumped to its highest level in 10 years, according to a U.S. Department of Commerce report on Wednesday. Despite President Donald Trump’s repeated promise to shrink trade deficits, it leaped by 12.2% to $621 billion in 2018, after hitting a record high during his first year in office.
The real goods deficit in December reached $91.6 billion — its highest level since 1994. The recent widening in the deficit has been driven in part by weakening exports, according to Daniel Silver, an economist at JPMorgan. Nominal goods exports to China tanked by 33% year-over-year in December, likely as a result of China’s retaliatory tariffs on U.S. goods.
The tax cuts may also contribute to the jump in trade deficit. Derek Scissors, resident scholar at American Enterprise Institute calculates the tax cuts could boost the trade deficit by $200 billion. Trade deficit isn’s always badTrump has been especially vocal about lowering the deficit gap, citing it as a failure of previous trade policy. He called the trade deficit “unacceptable.” “We are going to start whittling that down, and as fast as possible,” Trump said after his trip to Asia in November 2017.
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