U.S. Trade Deficit Soars To Record

It would be nice to have a second party.

Neither Donald Trump or Joe Biden has shown any appetite for seriously moving away from the status quo of maintaining global free trade or Team America World Police.

CNBC:

“The U.S. trade deficit hit a fresh record high in March as consumers flush with government cash spurred a continuing demand for foreign-made goods.

With a new round of $1,400 stimulus checks pouring in and the domestic economy continuing to show substantial improvement, the imbalance in goods and services with the rest of the world swelled to $74.4 billion, the Commerce Department reported Tuesday.

That’s the highest level ever in a data series that goes back to January 1992, and represents a 57.6% increase from the same period a year ago and higher than the $70.5 billion in February. …”

FOX Business:

“WASHINGTON (AP) — The U.S. trade deficit surged to a record $74.4 billion in March as an improving U.S. economy drove purchases of imported foreign goods. …

The politically sensitive trade deficit with China rose 11.6% to $27.7 billion which, as usual, was the largest deficit with any single country.

Through the first three months of this year, the U.S. trade deficit totals $212.8 billion, up 64.2% from the deficit during the same period last year, a time when the U.S. economy was essentially shut down by the coronavirus pandemic.

The United States recorded a deficit for all of 2020 of $681 billion, the largest annual gap since 2008 as the coronavirus disrupted global commerce and confounded then-President Donald Trump’s “America First” policies. …”

The most that Trump was willing to impose his tariffs on China to create the optics of doing something on behalf of workers which simply rerouted global supply chains to other low wage Third World countries. The neoliberal status quo of borrowing from the world to pay for goods which are made abroad by foreign workers who work for lower wages than American workers is still very much in place.

About Hunter Wallace 11877 Articles
Founder and Editor-in-Chief of Occidental Dissent

3 Comments

  1. This is also why the people that are concerned about the neocons setting their sights on China are misguided. It will never amount to anything more than saber rattling. Our economies are too mutually dependent.

    • Chimerica. Also the Chingchongs run a tight ship. Nice porcelain.

  2. This is the very thing that has hollowed out America, created the ‘rust belt’.
    Americas wealth has been drained out of the nation via foreign trade, with Goldman Sachs making vast fortunes in the currency exchange to facilitate foreign trade.

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