Glitches on the Road to MAGA
While the farcical Kavanaugh confirmation hearings dominated the news cycle for the past couple of weeks, little mention was made of a disturbing economic headline – the August US trade deficit. Despite all the bluster from the Trump Administration about “winning trade wars” and “trade wars are easy”, America’s trade imbalances for August were the highest ever and its deficit with its most contentious partner – China – reached an all-time high.
Bi-directional trade bazooka [PT]
Some highlights, or low lights, for the Trump Administration and the clueless economic nationalists were:
August imports of industrial supplies and materials ($49.7 billion) were the highest since December 2014 ($51.8 billion).
August imports of automobile vehicles, parts, and engines ($31.7 billion) were the highest on record.
August imports of other goods ($9.1 billion) were the highest on record.
August petroleum imports ($20.5 billion) were the highest since December 2014 ($23.6 billion).*