President Donald Trump’s protectionist agenda doesn’t seem to be helping decrease the U.S. trade deficit.
According to new data from the Department of Commerce, the trade deficit ballooned in July by the fastest pace in three years. The gap spiked 9.5 percent to $50.1 billion in July, up from a revised $45.7 billion in the previous month.
Exports declined one percent, propelled by significant declines in shipments of aircraft and soybeans. Imports surged 0.9 percent, thanks to gains in a wide variety of sectors.
The increase in the overall trade gap was the biggest since March 2015.
Then again, the trade deficit doesn’t matter anyway.
Here is what legendary economist Murray Rothbard said about the trade deficit:
Like this article? Get ECN delivered to your inbox daily. Subscribe here.
Leave a Comment