Trump vowed to shrink the trade gap — it keeps growing
WASHINGTON — The overall U.S. trade deficit widened in the first nine months of 2019, to nearly $500 billion, a sign that the Trump administration’s approach to trade has so far done little to make a dent in the imbalance.
Peter Bragdon, the executive vice president at Columbia Sportswear, said his company was accustomed to navigating bad public policy but “nobody is used to navigating public policy that is this horrible. It’s chaotic and incoherent.” Story continuesTrump has long pointed to the trade deficit — when the value of what the country imports exceeds its exports — as proof that unfair practices by China and other countries have been hurting the United States. But economists have argued that the figure is a poor metric for measuring American well-being or the health of the economy.
“First, we’ll see if we get the deal,” he told reporters Saturday. “And if we get the deal, the meeting place will come very easily. It’ll be someplace in the U.S.” But not all advisers agree. Some officials view the tariffs as a powerful tool for ensuring China keeps its commitments, saying they should be rolled back only after China makes key reforms. They also see the tariffs as helping to ward off political criticism that Trump is folding to China.
In an interview in Saudi Arabia last week, Treasury Secretary Steven Mnuchin said he believed that phase one of the deal was “on track.”
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