11.15.2019 0

China pays for waiting to make deal w/ Trump, exports to U.S. down 13 percent, or $53 bil. in 2019

Trade in goods deficit with China down 12.8 percent first nine months of 2019, or $38.5 billion as trade talks continue:

The U.S. trade in goods deficit with China is down 12.8 percent in the first nine months of 2019, or $38.5 billion, compared to 2018, according to the latest data from the U.S. Census Bureau. The numbers came with the 10 percent tariffs President Donald Trump levied on $200 billion of goods and 25 percent on $50 billion until May, when Trump raised the tariff to 25 percent for all $250 billion. Then, in July he added another 10 percent tariff on the remaining $300 billion of goods, bringing it to a total of almost $550 billion of goods being taxed. Overall imports from China for the year are already down $53 billion this year. At the current pace, exports to the U.S. could drop by $72.5 billion, or 13.4 percent this year. That amounts to a 0.5 percent of China’s $13.6 trillion Gross Domestic Product. The longer Beijing waits to make a deal, the more the tariffs go up. What do you think?

Copyright © 2008-2023 Americans for Limited Government