Commentary: Red Warning Lights Are Flashing on U.S. Economy as 2024 Rapidly Approaches

As 2023 is winding down to a close, the U.S. trade in goods deficit with the world is down $101 billion for the first nine months of the year to $802 billion, an 11.2 percent decrease so far, with still three months of data left to collect for the year, according to the latest data from the U.S. Census Bureau.

Simultaneously, existing home sales measured by the National Association of Realtors are down to a seasonally adjusted annual rate of 3.79 million, a 16.7 percent decrease from its Feb. 2023 level of 4.5 million, and are averaging 4.16 million for the past 12 months. Overall, existing home sales are down the past 12 months by almost 32 percent from their 2021 high of 6.12 million. That’s a lot.

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U.S. Trade Deficit Grew Last Year

It is growing relentlessly. The U.S. trade deficit, the gap between what the nation imports and exports in goods and services, increased to $67.4 billion in December, an increase of $6.4 billion from $61.0 billion in November, revised, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. The month-over-month figures on the deficit are part of a long-term trend in America.

For 2022, the deficit in goods and services hit $948.1 billion, rising $103.0 billion from 2021. “Exports were $3,009.7 billion, up $453.1 billion from 2021. Imports were $3,957.8 billion, up $556.1 billion from 2021,” the Census Bureau and BEA reported. 

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U.S. Notches Record Trade Deficit in 2022

The U.S. trade deficit increased to its highest recorded level in 2022, thanks in part to a surging trade deficit with China.

The U.S. registered a roughly $948.1 billion goods and services deficit for the year, including a $382.9 billion goods deficit to China, the U.S. Bureau of Economic Analysis (BEA) revealed Tuesday. This 12.2% surge over 2021 marks an all-time U.S. trade deficit record, The Wall Street Journal reported.

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Trade Deficit Hits Record as Demand for Imports Soars

The U.S. trade deficit soared to a record high in November as consumer demand for goods and the easing of supply chain bottlenecks caused imports to surge, according to the Commerce Department.

The goods deficit increased in November to $99 billion as consumers shopped for holiday gifts earlier than in previous years, the Commerce Department announced Thursday. Imports outweighed exports, bringing the U.S. trade deficit in goods and services in November to $80.2 billion.

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U.S. Trade Deficit Hits New Record as Inflation Grows and Supply Chain Issues Worsen

The U.S. trade deficit hit a record high of $80.9 billion in September as exports fell sharply while imports increased amid supply chain problems and growing inflation.

The trade deficit of goods and services grew 11.2%, driven by demand for items like computers, electrical equipment and industrial supplies, the Commerce Department announced Thursday.

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US Trade Deficit Hits 8-Month Low on Weak Chinese Imports

The U.S. trade deficit fell to an eight-month low in February as imports from China plunged, providing a boost to President Donald Trump’s “America First” agenda and economic growth in the first quarter. The surprise second straight monthly narrowing in the trade gap reported by the Commerce Department on Wednesday was also driven by soaring aircraft exports, which are likely to reverse after Boeing halted deliveries of its troubled 737 MAX aircraft. MAX planes have been grounded indefinitely following two deadly crashes. Economists warned the trade deficit would remain elevated regardless of whether the United States and China struck a trade deal that was to the White House’s liking because of Americans’ insatiable appetite for cheaper imports. Talks between Washington and China to resolve the bitter trade war have been dragging. The United States is also embroiled in conflicts with other trading partners, including the European Union, contributing to big swings in exports and imports data in recent months. “Even if trade negotiations are resolved in such a way as to reduce the bilateral trade deficit with China, one of the Trump administration’s stated goals, this would likely divert trade flows to other countries and have little impact on the…

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Globalist Sen. Lamar Alexander Bemoans President’s ‘Shot to the Foot’ From Tariffs

Lamar Alexander

Sen. Lamar Alexander (R-TN) bemoaned President Trump’s “shot to the foot’” over tariffs on Fox News’ Journal Editorial Report. Tennessee’s senior senator, praising globalism, introduced the Automotive Jobs Act of 2018 Wednesday to delay the tariffs. He said, “Zero tariffs is exactly the right policy.” He also called for an end to the steel and aluminum tariffs which he said are hurting Tennessee’s auto industry and raising prices of the autos they make. He claimed the state exports cars around the world but could not answer a question as to how many are shipped out of the country. “Tariffs are shooting ourselves in the foot, really shooting ourselves in both feet,” Alexander said. He called for the reauthorization of NAFTA by September and said it has been good for Tennessee. Steel and aluminum tariffs remain in place and car tariffs will remain on hold if negotiations continue, Commerce Secretary Wilbur Ross said. Fox News quoted him as calling auto tariffs a “national security threat.” Watch the latest video at foxnews.com Calling on globalists The automotive act, co-sponsored by Sen. Doug Jones, (D-AL), would delay the tariffs of 20 to 25 percent on imported vehicles, CNBC said. The bill would require…

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U.S.-China Trade Deficit Heads for an All-Time High for 2017 as Trump Tells Xi Arrangement ‘Not Sustainable’

Donald Trump, Xi Jinping

By Robert Romano   Once December’s numbers come in, the U.S.-China trade in goods deficit will likely hit an all-time high in 2017 at more than $370 billion, according to U.S. Census data, as President Donald Trump told Chinese President Xi Jinping in a recent phone call that the arrangement is “not sustainable.” The number will be set off partially by about a $38 billion trade in services surplus. That would put the overall trade deficit with China very close to the 2015 record of $334 billion. China was granted permanent normal trade relations in 2000 and admitted to the World Trade Organization in 2001. Since that time, U.S. global manufacturing market share has dropped from 13.98 percent in 2000 to 7.91 percent in 2016, while China’s has risen from 4.75 percent to 16.92 percent, according to data compiled by the World Bank. As far as tariffs go, China’s most favored nation tariff is 4.3 percent while the U.S. sits at 2.7 percent. On currency, China has kept its fixed exchange rate with the dollar, which today stands at 6.4 Yuan per 1 U.S. dollar, about where it was at the start of 2016. By keeping the yuan artificially low, it is believed China keeps its exports…

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