Published: Чт, Марта 07, 2019
Finance | By Kristine Clayton

U.S. trade gap surged to $US621b in 2018, 10-year high

U.S. trade gap surged to $US621b in 2018, 10-year high

The source briefed on the talks said that no dates for a summit had been determined, but that Beijing had reserved a 10-day window from around March 20 for a possible summit. Their research also revealed that workers in many Republican-leaning counties suffered the most economically from Trump's trade disputes. American consumers and businesses have not stopped buying foreign goods, as the new data indicates, but they are paying higher prices for the privledge of doing so.

The world's two largest economies are moving closer to a final agreement that could end their nearly year-long trade war, an outcome that would also provide a boost to his efforts to seek reelection in 2020.

In a 2016 campaign speech in Pennsylvania, Trump called the trade deficit a "politician-made disaster" and promised swift change.

Trump has said the tariffs are meant to protect U.S.jobs and take a stand against what he views as poor business arrangements with Beijing. Summers, along with other economists, has also challenged Trump's approach to addressing the perceived problem by adding tariffs, pointing out that these levies primarily negatively affect USA consumers. "We can turn it all around-and we can turn it around fast", he said at the time. "This is very important for our great farmers - and me!"

Trump is facing pressure from both parties in Congress, with Senate Democratic Leader Chuck Schumer in a floor speech on Tuesday cautioning the president not to settle for a weak deal with China. But it's too early to say what effect - if any - those agreements will have on the deficit. After accounting for the impact of higher tariff revenue and the benefits of higher prices to domestic producers the study found the aggregate annual loss for the US economy fell to $6.4 billion, or 0.03 percent of GDP.

But a pair of new studies concludes that he is wrong.

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That was offset by the gains from protectionism derived by USA producers benefiting from the tariffs, the economists found.

"'... I will be delaying the USA increase in tariffs now scheduled for March 1, '" Trump tweeted on February 24, according to The New York Times. Data from December 2018 was released Wednesday.

The trade tariff war that has been hitting the global economy is showing signs of coming to an end through the bilateral trade agreement between the two countries.

"Workers in very Republican counties bore the brunt of the costs of the trade war, in part because retaliations disproportionately targeted agricultural sectors, and in part because USA tariffs raised the costs of inputs used by these counties", the authors wrote.

But no action has been forthcoming, with the administration engaged in sensitive negotiations to resolve a trade war between the countries. If the tariffs led to the creation of 35,000 new manufacturing jobs - equal to all the steel and aluminum jobs lost in the past decade - they would cost US$195,000 per job, the study found.

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