Advanced report on US International Trade in Goods, released today:
The advance international trade deficit in goods increased to $72.2 billion in July from $67.9 billion in June as exports decreased and imports increased.
So we impose tariffs on foreign goods, and we import more and export less.
Unfortunately, it makes sense. Companies are moving fabrication facilities out of the US so their cost of goods won’t be impacted by tariffs. This is how Trump creates jobs for Mexicans.
I suppose Trump saw the advanced numbers before release and that was why a deal was announced with Mexico yesterday. Can’t wait to see the details of the agreement.
I’m sure, for starters, that Mexico isn’t paying for a wall.
Trump is all about deficits – budget, trade, integrity, whatever.