According to an article from The New York Times, the US-China trade deficit has dropped in its first 9 months of 2019.
The data released Tuesday suggest that the global trade wars Mr. Trump has launched have not had the desired effect.
The tariffs Mr. Trump has placed on more than $360 billion of Chinese goods, and the retaliatory tariffs China has placed on the United States, have clamped down on trade between the countries. The United States trade deficit in goods with China shrank in the first nine months of the year to $263.2 billion, down from $301.7 billion in the previous year.
Brad Setser even admitted that Tariffs are working:
“In a very narrow sense, higher tariffs on China are working: They clearly have reduced trade and thus the trade deficit with China,” Brad Setser, an economist at the Council on Foreign Relations, wrote on Twitter.
The trade deficits with other countries has risen, however.
The trade deficit in goods with Mexico grew to $76.1 billion in the first nine months of 2019, up from $59.1 billion last year. The trade deficit in goods with a group of countries along the Pacific Rim, excluding China, rose to $84.7 billion in the first three quarters of 2019, from $66 billion in the same period last year.
It seems like the Press is going to need a new narrative. When will they say that tariffs work? It seems to me that only more tariffs will help the American worker.
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