In 2016 one of Donald Trump’s biggest campaign pledges aimed to sharply lower the massive U.S. trade deficit. A new report shows it’s only gotten worse since then.
The U.S. trade deficit surged in July to $63.6 billion, the highest level in 12 years, as imports jumped by a record amount. If you’re keeping track, George W. Bush was president the last time it was this high.
The Commerce Department reported that the July deficit, the gap between what America buys and what it sells to foreigners, was 18.9% higher than the June deficit of $53.5 billion. It was the largest monthly deficit since July 2008 during the 2007-2009 recession.
China is holding our bag.
Trump vowed to lower the country’s large trade deficits, especially with China, which for years has been the country with the largest trade surplus with the United States.