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President Trump criticized the record-high trade deficit of $131.4 billion in January, attributing it to former President Biden’s policies, and vowed to reduce it.
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He imposed 25% tariffs on imports from Mexico and Canada and an additional 10% on Chinese goods, aiming to pressure these countries to combat the influx of fentanyl into the U.S.
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Trump acknowledged potential short-term disruptions but emphasized that tariffs are about “making America rich again and making America great again,” expecting benefits in the long term.
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Some economists argue that the trade deficit is driven by low national savings coupled with robust investment, suggesting that reducing the federal budget deficit would be more effective in addressing the issue.
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The recent increase in imports is partly due to U.S. companies securing products before new tariffs take effect.
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