Trump’s Hidden Trade Deficit Revolution
The best kept secret in American politics and economics right now is that President Trump’s tariffs are working to reduce the trade deficit.
The goods and services trade deficit narrowed slightly by 1.2 percent to $55.9 billion in April, down from a revised $56.6 billion in March, as exports rose 2.6 percent to a record $327.1 billion and imports climbed 2.0 percent to $383.0 billion. The trade deficit is down about 7.3 percent from a year ago.
But those figures conceal some almost geological shifts that have been occurring in global trade. First, there is the global oil shortage that has inflated U.S…
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