Tag: Trump’s trade war

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

Buck Banks

$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 Trade War Has Killed 300,000 Jobs

Buck Banks

300,000

Yahoo News: “Forecasting firm Moody’s Analytics estimates that Trump’s trade war with China has already reduced U.S. employment by 300,000 jobs, compared with likely employment levels absent the trade war. … That’s a combination of jobs eliminated by firms struggling with tariffs and other elements of the trade war, and jobs that would have been created but haven’t because of reduced economic activity.”

Trade with China Is Falling

Buck Banks

-22%

Associated Press: “China’s trade with the United States is falling as the two sides prepare for negotiations with no signs of progress toward ending a tariff war that threatens global economic growth. Imports of American goods tumbled 22% in August from a year earlier to $10.3 billion, customs data showed Sunday. Exports to the United States, China’s biggest market, sank 16% to $44.4 billion.”

China Socks It to Trump with New Tariffs

Buck Banks

$75 billion

“China announced that it will impose additional tariffs on a total of $75 billion of U.S. goods in retaliation for President Trump’s latest planned levies on Chinese imports,” Bloomberg reports. “Some of the countermeasures will take effect starting Sept. 1, while the rest will come into effect from Dec. 15, according to the announcement from the Ministry of Commerce. This mirrors the timetable the U.S. has laid out for 10% tariffs on nearly $300 billion of Chinese shipments.”

More than Half of Price of ‘Made in China’ Products Goes to U.S. Workers, Businesses

Buck Banks

56%

About 56 percent of what you pay for something “made in China” goes to U.S. workers and companies, on average, according to a new analysis released by the Federal Reserve Bank of San Francisco, the Washington Post reports. The rules are complicated, but “made in China” roughly indicates a good was assembled in a Chinese factory. Its parts, design, marketing and distribution may have come from anywhere — and that “anywhere” is often the United States.