2020 US Trade Deficit Soared to $679 billion, the worst since 2008

essentialsaltes

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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 [I think "misguided, counterproductive and failed" would be more accurate] tariff tactics intended to bring it down, a new Commerce Department report showed on Friday.

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.
 

Nithavela

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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 [I think "misguided, counterproductive and failed" would be more accurate] tariff tactics intended to bring it down, a new Commerce Department report showed on Friday.

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.
How was it in 2019?
 
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Hank77

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essentialsaltes

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How was it in 2019?

Slightly better than 2018, which was also the worst since 2008 (until 2020 took the record).

Here's a summary.

Hank's link is just for goods, which is the column in this table after the total. Looking just at goods, the 2020 numbers were the worst EVAR (as was 2018).

With services included, then 2008 was the worst year ever.
 
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Nithavela

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That's a bit cumbersome. Allow me to make those data points a bit more digestible:

Deficitlol.jpg
Deficitlol2.jpg


Oh my, what happened in 2017?
 
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civilwarbuff

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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 [I think "misguided, counterproductive and failed" would be more accurate] tariff tactics intended to bring it down, a new Commerce Department report showed on Friday.

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.
Hmmmm.....well, if Americans would quit buying Chinese junk and buy more American junk (even if more expensive since our cost of living is substantially higher) that curve could start to reverse itself....
 
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Semper-Fi

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Four trillion dollars is how much the United States
has spent on its coronavirus response last year

‘Doomed to fail’: Why a $4 trillion bailout
couldn’t revive the American economy
https://www.washingtonpost.com/graphics/2020/business/coronavirus-bailout-spending/
-

$4 trillion, Adjusting for historical inflation,
That would be like the cost of all U.S. wars combined,
with the exception of World War ii., the U.S. has spent
the equivalent in less than one year, and counting.

Cost of war: The 13 most expensive campaigns in U.S. history
 
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rambot

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Four trillion dollars is how much the United States
has spent on its coronavirus response last year

‘Doomed to fail’: Why a $4 trillion bailout
couldn’t revive the American economy
https://www.washingtonpost.com/graphics/2020/business/coronavirus-bailout-spending/
-

$4 trillion, Adjusting for historical inflation,
That would be like the cost of all U.S. wars combined,
with the exception of World War ii., the U.S. has spent
the equivalent in less than one year, and counting.

Cost of war: The 13 most expensive campaigns in U.S. history
Crazy...that YOUR capitalist markets are struggling.

Must have mismanaged things
 
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essentialsaltes

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Hmmmm.....well, if Americans would quit buying Chinese junk and buy more American junk (even if more expensive since our cost of living is substantially higher) that curve could start to reverse itself....

You must be delighted then, that Biden has made good on his campaign promise to increase the proportion of American goods paid for with the public purse, and has created an office of enforcement for the rule.

While Trump only toothlessly 'encouraged' it:

The operative words in these [Trump] orders are weasel words: “maximize,” “encourage,” and “to the greatest extent practicable.” “In terms of legislative policy and regulatory impact, there was none whatsoever,” says Scott Paul, president of the Alliance for American Manufacturing. “The practical effect of what the administration has done is virtually nothing.” Moreover, certain major projects have secured waivers from these orders—among them, the Keystone XL pipeline and the Gordie Howe International Bridge spanning Detroit and Windsor, Ontario.
 
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civilwarbuff

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You must be delighted then, that Biden has made good on his campaign promise to increase the proportion of American goods paid for with the public purse, and has created an office of enforcement for the rule.
Why should I be delighted for increased gov't. spending? You, however, are probably delighted because it means he will most certainly raise taxes to pay for it.....unless he just expects to run the currency presses on over-time?....but the left would be OK with either (both?) in their efforts to wreck the economy and push the US further down the road to socialism.....just say'n.....
 
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