August was another big month for imports, with consumer goods leading the way. At this rate, the U.S. will post over a $1 trillion deficit in 2021, a record-breaker.
Long-term economic growth is the single most important objective for any nation. As growth economist and Nobel laureate Paul Romer has said: “For a nation, the choices that determine whether income doubles in one generation or two dwarf all other economic policy concerns.” In the United States, real income per capita grew in the 3%-4%…
The July goods trade deficit shrunk somewhat but that is not going to stop a $1 trillion goods deficit in 2021. Plus, Vietnam surpasses Germany as major U.S.-bound exporter as China moves offshore to avoid tariffs.
Goods Deficit Also Sets Monthly Record at $93.2 Billion Department of Commerce figures published this morning show that in June the U.S. reported a trade deficit of $75.7 billion, a new record for U.S. and world history. The deficit was 6.7 percent higher than the May figure, and 49.4 percent worse than the year-ago June…
Despite a decline in imports from China, the U.S. trade deficit in May is up again thanks in large part to commodities imports like oil and Canadian timber. At this pace, a $1 trillion goods deficit is guaranteed for 2021.