Trump’s Tariffs Didn’t Reduce the U.S. Trade Deficit

$679 billion

“The U.S. trade deficit over the four years of President Donald Trump’s presidency soared to its highest level since 2008, despite his tough tariff tactics intended to bring it down, a new Commerce Department report showed on Friday,” Politico reports. “The combined U.S. goods and services trade deficit increased to $679 billion in 2020, compared to $481 billion in 2016, the year before Trump took office. The trade deficit in goods alone hit $916 billion, a record high and an increase of about 21 percent from 2016.”

Trump’s Policies Exploding Trade Deficit

$891.2 billion

The U.S. posted a record-breaking $891.2 billion merchandise trade deficit in 2018, despite President Trump’s “America First” policies, the Washington Post reports. “Trump’s tariffs and tough policies have failed to shrink a trade gap that he argues represents a massive transfer of wealth from Americans to foreigners. He begins his reelection drive with a core campaign promise unfulfilled — and with a recent flurry of economic research showing that his embrace of tariffs is damaging the U.S. economy.”