American companies rushed to secure foreign goods in July, ahead of planned tariff increases at the beginning of August, thereby further widening the US trade deficit. Rather than decreasing the deficit – as Trump claimed would happen – the tariff chaos and continued flip-flops have created insecurity among U.S.-based businesses, which are concerned about rising […]
Tag: Trade Deficit
Trump’s tariffs spur unprecedented stockpiling of foreign goods
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced on Tuesday that Americans went on a no-holds-barred foreign goods shopping spree like no other. The goods and services trade deficit was an astounding $140.5 billion in March, with total imports of $419.0 billion! In total, the trade deficit increased by $17.3 billion from February. […]
The US Trade Deficit is what is keeping lower-income Americans from falling further behind
“Trump is bringing jobs back to the US with Tariffs,” said James Benson Jr., a retired Michigan autoworker, whom Trump paraded out to the media on April 2 to support his so-called ‘Liberation Day’ announcement. As the token working-class supporter, used for a visual image in a press conference, Mr. Benson is unfortunately misinformed in […]