America’s trade gap soared under Trump, final figures show

February 5, 2021 ☼ tradeeconomytrump

Source: POLITICO

Link: America’s trade gap soared under Trump, final figures show

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 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.

This isn’t the only deficit that has climbed. Trump and his advisors lied about the effects their policies would have.