- President Donald Trump wanted to use tariffs to help bring down the trade deficit with China.
- The US-China trade deficit hit a record high in the month of October.
- According to economists from Goldman Sachs, Trump’s tariffs on Chinese goods are actually making the trade deficit worse.
One of the President Donald Trump’s biggest goals for the trade war was to reduce the US’s trade deficit with China. But according to Goldman Sachs, the president is only making it worse.
The most recent trade report from the US Census Bureau showed that the US’s trade deficit with China once again hit a record for the month of October — after also hitting a record the previous month. This string of record-high deficits seems to run counter to Trump’s stated mission for tariffs on roughly $ 250 billion worth of Chinese goods.See the rest of the story at Business Insider
See Also:
- Trump’s trade war with China is the biggest threat to the US economy in 2019, and it’s making economists the most worried they’ve been in years
- Trump’s trade team spent days building a strategy to deal with the Huawei CFO arrest. Then Trump blew it up in a single interview.
- The White House Christmas party for the press looks like the latest casualty in Trump’s war with the media
