In an attempt to reduce the trade deficit, the Trump administration placed tariffs on billions of dollars of Chinese goods and on product categories like steel and solar panels from China and other countries. Foreign countries have placed retaliatory tariffs on U.S.-made products. Domestic factory activity has been impacted, and metals prices have risen this year, squeezing manufacturers’ margins. Read more here
U.S. Goods Imports and Trade Deficit With China Hit New Records
WASHINGTON—The U.S. imported a record amount of goods in September, while the trade deficit with China rose to its highest level ever, despite intense efforts by the Trump administration to close the trade gap. The foreign-trade deficit in goods and services increased 1.3% from the prior month to $54 billion in September, the Commerce Department said Friday. A surge in products purchased from abroad helped widen the gap, with the value of imported goods ballooning to $218 billion, the highest level on record. Meantime, imports from China picked up, pushing the trade gap to $40.2 billion, another record high.