The U.S. will break a $1 trillion goods trade deficit with the world this year. Neither pandemic, nor supply chain bottlenecks, nor trade war tariffs could stop it as tariff circumvention to SE Asia and a strong dollar make importing easy.
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 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
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.
Germany is as problematic as China. Authors Michael Pettis and Matthew Klein remind us why.
Our March deficit hits a record for the month. Southeast Asia deficits now rising with the U.S. to record highs.
