“The politically sensitive goods trade deficit with China surged 7.1 percent to a record $43.1 billion in October.”
This is the end result of Trumps misguided tariffs. Tariffs, if implemented correctly, should increase domestic production while decreasing imports.
Tariffs should be put on manufactured goods, giving domestic producers an edge. Instead, Trump has put tariffs on raw materials like steel and aluminum, driving production costs of American manufacturers up instead of making their goods less costly. #Losing #MAGA
The U.S. trade deficit jumped to a 10-year high in October as soybean exports continued to fall and imports of consumer goods rose to a record high.