Thanks to President Donald Trump’s economic plan thus far, the US’s trade deficit is falling!
The U.S. trade deficit fell from a near two year high in February as slowing domestic demand weighed on imports and stronger global growth boosted exports of American goods.
The politically sensitive trade gap with China narrowed sharply by 26.6 percent from January to $ 23 billion ahead of a summit between President Donald Trump and China’s Xi Jinping this week, although seasonal factors were likely behind the dramatic drop, economists said.
The Commerce Department said on Tuesday the trade deficit declined 9.6 percent to $ 43.6 billion, also as exports increased to their highest level in more than two years, after rising to a near two-year high of $ 48.2 billion in January.
“The U.S has its work cut out for it if it is going to try to alter the pattern of trade that has developed between China and U.S. companies over the last 10 to 20 years,” said Chris Rupkey, chief economist at MUFG Union Bank in New York.
Make American Great Again!