Anyone who understands basic economics understands that these latest numbers are meaningless. But for President Donald Trump, it’s another win in the month of March.
According to the Bureau of Economic Analysis (BEA), the United States trade deficit tumbled 15 percent in January to $51.1 billion. This was driven by cheaper crude oil, rising soybean exports, and falling Chinese imports.
The market forecast was a $57.7 billion trade deficit.
Here are some of the key findings:
– Imports climbed for the first time in four months by 0.9 percent to $207.3 billion.
– Soybean exports surged to $1.21 billion in January, from around $300 million in December.
– Exports of U.S. automobiles and motor parts increase.
That said, the U.S. trade deficit is still higher than when President Trump took office.
For years, the gap had been under $50 billion.
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