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993 Sentences With "trade deficits"

How to use trade deficits in a sentence? Find typical usage patterns (collocations)/phrases/context for "trade deficits" and check conjugation/comparative form for "trade deficits". Mastering all the usages of "trade deficits" from sentence examples published by news publications.

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In the same line of thinking, imports result in trade deficits; trade deficits destroy jobs and, consequently, lower citizens' standard of living.
Fifth, while the U.S. runs large trade deficits, including bilateral trade deficits with many countries, these deficits have nothing to do with our trade policy or trade agreements.
We buy all their products — huge trade deficits, yyyyyyyyuge!
The president's distaste for trade deficits with any country is not news, but that last sentence is striking — Trump is claiming that trade deficits are at the root of the national debt.
Trade deficits are also a powerful drag on U.S. economy.
America's soaring trade deficits with China and Europe are untenable.
Remember, those trade deficits are subtractions from the U.S. GDP.
However, in recent years Britain has run large trade deficits.
That in itself suggests we should have larger trade deficits.
America's trade deficits keep rising because of an overvalued dollar.
TYLER MATHISEN: Let's talk a little bit about trade deficits.
We have billions of dollars of trade deficits with Mexico.
It is counterproductive to be too vocal about trade deficits.
Trade deficits destroy jobs, on net, and slow the economy.
But when demand is weak, trade deficits compound the problem.
This is where the arguments over trade deficits get tricky.
Massive trade deficits subtract directly from our Gross Domestic Product.
America's foreign trade deficits on goods transactions are getting worse.
Trade deficits are only one measurement of international economic success.
The United States has run large trade deficits for decades.
Indeed, it should not be surprising for us to have trade deficits with slow-growing economies like Japan and Germany, but systematic and increasing trade deficits with world's growth champions are very strange events.
So the president&aposs focus is to somehow eliminate trade deficits.
We have trade deficits, they have surpluses that would be unbelievable.
Trump's focus is on narrowing U.S. trade deficits with other countries.
Massive trade deficits are dangerous, but not the way most think.
Obsessing about trade deficits makes no sense in this economic situation.
Ultimately, he wants to increase U.S. exports and reduce trade deficits.
The second part, the question about savings, investment, and trade deficits.
All that is now a perfect setup for soaring trade deficits.
Former Trump advisor Gary Cohn could care less about trade deficits.
And a simple guide to why trade deficits are totally normal.
But there is no evidence that trade deficits shrink the economy.
There are many reasons for trade deficits, not just unfair practices.
Five hundred billion dollars a year in trade deficits with China.
The president has made reducing trade deficits a primary goal of international economic policy, ignoring mainstream economists who see trade deficits as more a consequence of investment and savings decisions than a scorecard of national success.
The United States had autos and auto parts trade deficits of $74 billion with Mexico and $5.6 billion with Canada last year, both major components of overall U.S. goods trade deficits with its North American neighbors.
A benign neglect of trade deficits is an equally serious policy blunder.
Jimmy Kimmel asked a second grader to explain trade deficits to Trump.
Finally, we need to recognise that trade deficits are far from benign.
He thus believes that persistent trade deficits are by definition a problem.
The revision means Canada has now posted 21 consecutive monthly trade deficits.
Will this trend power the global economy as U.S. trade deficits have?
The president's obsession with trade deficits and scattershot tariffs exemplifies this mindset.
Others said the goal of eliminating trade deficits was unlikely to succeed.
And occasionally they talk about trade deficits with China, but that's it.
How does that improve the U.S. economy, trade deficits and national security?
Cheap Chinese imports created runaway bilateral trade deficits for the United States.
First, we must admit the problem: Trade deficits are not always benign.
In this mainstream view, trade deficits are not inherently good or bad.
As a result, they run trade surpluses while we run trade deficits.
A centerpiece of Mr. Trump's campaign was the United States' trade deficits.
According to textbook economics, persistent trade deficits are not supposed to happen.
With its systematic half-a-trillion dollars of quasi structural trade deficits, the U.S. accounts for 40 percent of the world's total (trade deficits) and bears the brunt of what some would call beggar-thy-neighbor trade policies.
IF TRADE DEFICITS ARE GOOD, THEN HOW CAN TRADE SURPLUSES NOT BE HORRIBLE?
The more -- the bigger your trade deficits, the more foreign investment you get.
Massive trade deficits & little help on the very weak border must change, NOW!
The U.S. administration has flagged its top trade priority as reducing trade deficits.
He agrees with Trump that the mounting trade deficits with China are unacceptable.
FABER: THE CONTINUED FOCUS ON TRADE DEFICITS IS SOMETHING ELSE MANY PEOPLE DISCUSS.
Germany then ran budget and trade deficits to finance reconstruction in the east.
On the positive side, it criticizes "massive trade deficits" as bad for America.
Those surplus savings flow into countries with trade deficits, primarily the United States.
Problems of large trade deficits with East Asia will take time to solve.
Trump says he wants to rebalance what he calls unfair U.S. trade deficits.
Trump sees U.S. bilateral trade deficits as prima facie evidence of unfair trade.
It ran large trade deficits when President Ronald Reagan ran large budget deficits.
President Trump's push for tariffs is driven by his fixation on trade deficits.
"We have large trade deficits with Mexico and Canada," the president tweeted Monday.
NAFTA's future is now uncertain, largely based on the concern of trade deficits.
Historical data tells us, trade deficits may be difficult to decline through tariffs.
Mexico and Canada, however, are united in discounting the importance of trade deficits.
Reducing trade deficits with other countries is one of its measures of success.
Our big trade deficits are the result of bad monetary policy for decades.
That's nearly double the amount of next three largest U.S. trade deficits combined.
The approach, known as border adjustment, creates the appearance of taxing trade deficits.
Movies and music are cultural exports that help to narrow America's trade deficits.
It is easier to pick up catch phrases about "fair" trade agreements or allegedly harmful "trade deficits," than to absorb the complicated analyses about trade, deficits and their relationship to the massive economic transformations that have swept through America this century.
Navarro is considered the advisor who most fuels Trump's fixation on reducing trade deficits.
This is all premised on an accounting fiction that somehow trade deficits are terrible.
Just look at India, where, historically, high tariffs and high trade deficits have coexisted.
"Trade deficits started the conversation, but nobody really talks about that seriously," he added.
He tasked Commerce Secretary Wilbur Ross to look at practices behind U.S. trade deficits.
America's debt crisis is mounting, our trade deficits with dozens of nations are increasing.
It is a deep misunderstanding by the nationalists of how trade deficits are created.
So, rather than reducing U.S. trade deficits, the administration's policies have substantially increased them.
Trump has so far been unsuccessful in lowering U.S. trade deficits around the world.
Kushner said the country faces serious challenges, referencing the economy, terrorism and trade deficits.
I can run persistent trade deficits with restaurants because I run trade surpluses elsewhere.
So let's look at the metros with the biggest goods trade deficits and surpluses.
First, he believes that trade deficits are the reason we've shifted away from manufacturing.
How do the president's claims about tariffs and trade deficits stack up to reality?
The agreement also ostensibly addresses a major economic peeve of the president's: trade deficits.
The most important lesson about trade deficits is that they have a flip side.
Trump believes the United States "loses" when it runs trade deficits with other countries.
Others add that, as with NAFTA, the U.S. is too focused on trade deficits.
The nation's trade deficits with China and the European Union both shrank in August.
The United States had an autos and auto parts trade deficits of $74 billion with Mexico and $5.6 billion with Canada, both major components of overall U.S. goods trade deficits with its North American neighbors — deficits that Lighthizer said could no longer continue.
On Friday, Trump sought to push his crusade against U.S. trade deficits and for more manufacturing jobs back to the top of his agenda, by ordering a study into the causes of the trade deficits and a clampdown on import duty evasion.
In the mid-20th century, the economist Robert Triffin warned that the provider of the global reserve currency would need to run perpetual trade deficits to keep the world financial system from freezing, with those trade deficits potentially fueling domestic booms and busts.
It will also likely do little to address Trump's big pet peeve about trade deficits.
The trade deficits are a manifestation of our saving deficit," Roach said on "Squawk Box.
President-elect Donald Trump made America's large trade deficits a central part of his campaign.
India's single market and currency allow some states to run enormous trade deficits with others.
We must stop outsourcing our jobs overseas and end our multi-billion dollar trade deficits.
Trade deficits are intrinsically bad, they seem to think—a sign the country is losing.
And we have racked up $13 trillion in trade deficits over the last two decades.
It also would not address currency manipulation concerns or set targets for U.S. trade deficits.
Canada ran its two biggest trade deficits ever in April and May of this year.
Trade deficits (losses) are the result of terrible, horrible, no-good, very bad trade policies.
However, this competition must be understood as far larger than trade deficits and intellectual property.
America's strengthening domestic demand will push trade deficits to new highs in the months ahead.
Trade deficits and surpluses are nothing more nor less than borrowing and lending between countries.
Trade deficits are not inherently good or bad; they can be either, depending on circumstances.
We had trade deficits that were so large nobody has ever seen anything like it.
And our news podcast, "The Daily," examines Mr. Trump's claims about tariffs and trade deficits.
Confronting chronic strikes, soaring inflation, high unemployment and trade deficits, Mr. Hawke revolutionized the economy.
Sure, trade deficits sound bad, but how bad are they compared to losing your job?
The administration's antipathy toward China sometimes seems driven by an irrational anger over trade deficits.
No wonder our research suggests that big trade deficits are associated with higher employment, not less.
Recently, the Wall Street Journal reported Trump plans to change the way trade deficits are calculated.
He railed against the trade deficits the U.S. had amassed with Japan and other trade partners.
Mr Trump is obsessed with America's trade deficits, and one of its largest is with Japan.
This would make oil imports more expensive and is likely to lead to wider trade deficits.
Bilateral trade deficits do not mean much, especially in an age when supply chains are global.
To Trump, in a practical sense, that amounts to a focus on reducing bilateral trade deficits.
Here are some suggestions: First, give up on the obsession with bilateral trade deficits and surpluses.
Bilateral trade deficits are not the correct measure of success or failure for trade deals, however.
Just as the average American has "trade" deficits with the food store, medical practitioners, restaurants, etc.
Trade agreements and trade deficits Blame features prominently in a lot of Trump's foreign policy, too.
Bilateral trade deficits are particularly irrelevant, but even the overall trade deficit is not very important.
"The United States has suffered massive trade deficits with Japan for over 70 years," Trump said.
A historical parallel is relevant here, since President Reagan faced troubling trade deficits 35 years ago.
During the presidential campaign, Trump lambasted U.S. trade deficits as detrimental to American manufacturers and workers.
While the sum of global exports always equals global imports, countries can run persistent trade deficits.
But it turns out that the economic patterns which lead to trade deficits are remarkably stubborn.
Beyond that, however, Trump is completely wrong about what causes trade deficits in the first place.
We hear a lot about trade deficits, but repealing trade agreements will not fix the arithmetic.
They see trade deficits as a sign of failure in trading relationships, though most economists disagree.
We have no value added tax system, quotas or other mechanisms to prevent huge trade deficits.
I'M, YOU KNOW, THE BIGGEST ISSUES THIS COUNTRY FACES ARE NOT TRADE DEFICITS, THEY'RE FISCAL DEFICITS.
In July, the Trump administration outlined its goals, saying reducing trade deficits were a top priority.
"   "Unfortunately, the narrative here has been vague and the focus on bilateral trade deficits is misplaced.
Trade deficits are calculated based on goods and services — an important distinction Trump doesn't talk about.
In fairness, are there anything where you think it's very okay to focus on trade deficits?
The period also marked the turning point when America switched from trade surpluses to persistent trade deficits.
They were very nervous about Clinton's campaign trail denunciations (in 220) of American trade deficits with Japan.
A meaningful reduction of America's nearly trillion-dollar trade deficits would spur growth of import competing industries.
And Treasury seems to show no alarm about the long-term debt consequences of huge trade deficits.
First, bilateral trade deficits are not particularly useful indicators of countries' economic performance in relation to others.
"The massive TRADE deficits must go down quickly," Trump tweeted after a trip to Asia in November.
An overvalued currency and persistent trade deficits are fine for America's consumers, but painful for its producers.
Many countries with trade deficits (including "global Britain") rely on the flow of capital that multinationals bring.
The notion that trade deficits are always bad for the economy is based on several fundamental mistakes.
Without ever worrying about it, we run up trade deficits on a daily basis with many merchants.
These examples illustrate how trade deficits with other economic entities are almost always nothing to fret about.
But economic logic and past experience dictate that government deficits and investment booms drive trade deficits up.
Mr Trump���s belief in the harm caused by trade deficits is mistaken when growth is strong.
The new deal will also likely do little to address Trump's big pet peeve about trade deficits.
The "trade deficits don't matter" crowd is out of touch with the electorate and with basic economics.
Finally, the administration needs to adopt broader tests—beyond its fixation on trade deficits—to evaluate NAFTA.
More fragile economies, however, cannot afford that luxury as their trade deficits expose them to portfolio outflows.
THE DANGER IS THAT HE'S TRYING TO DO AWAY WITH THE BILATERAL TRADE DEFICITS COUNTRY BY COUNTRY.
Flake, a noted critic of President Trump, said the president has an "unhealthy" concern with trade deficits.
America's shockingly huge and systematic trade deficits with China are a political issue of the highest order.
But the evidence shows that tariffs and other trade barriers have essentially no effect on trade deficits.
The Trump plan for NAFTA wrongly fixates on the strawman of bilateral trade deficits, especially with Mexico.
Commerce Secretary Ross has vowed to aggressively police unfairly traded imports to help shrink U.S. trade deficits.
"The U.S. runs trade deficits with all of them, in some cases quite big ones," writes Tweed.
But most economists do not worry about trade deficits, and disagree with the president's characterization of them.
Even though everyone keeps telling him to knock it off, Trump is obsessed with bilateral trade deficits.
That brings us to his second fallacy: No, trade deficits aren't caused by unfair foreign trade practices.
It is a possibility Mr. Trump himself has periodically raised with aides while complaining about trade deficits.
" As a result, Blinders said, "We have to run trade deficits with the rest of the world.
But a fuller look at the macroeconomic effects of trade deficits suggests that things aren't so simple.
But the complaint also represents a chapter in the White House's broader campaign to reduce trade deficits.
I don't like the idea of running huge trade deficits as a percentage of GDP at all.
Among the lessons if the E.U. concedes: The U.S.'s large trade deficits can give it leverage.
An inescapable consequence of a trade surplus is that some other nations must be running trade deficits.
It is generally observed that countries that run persistent trade deficits will struggle to achieve full employment.
Separately the Trump administration is examining the reasons why the U.S. had trade deficits with certain countries.
There's also a bigger issue here, which is that Trump has an intuitive distrust of trade deficits.
Trade deficits the US carried with Japan, South Korea, and European countries since the mid 20th century had geo-strategic goals, making trade deficits with them more acceptable to the US government, Cox, who spoke at the China General Chamber of Commerce event, told reporters after his presentation.
America's priority should be to move promptly and aggressively to rapidly close the large trade deficits with China.
Economists also said risks to inflation and the currency, posed by large capital and trade deficits, had faded.
I think the president is more concerned with the long-term disadvantage of having these massive trade deficits.
The prime minister really did seem happy, playing golf and smiling politely while Trump raged about trade deficits.
Mr Trump's demand that an upgraded NAFTA must narrow America's trade deficits with Canada and Mexico is pointless.
The Council echoes the growing concern of business experts over the president's persistent tough language regarding trade deficits.
Trump, who has vowed to reduce U.S. trade deficits, has repeatedly called out India for its high tariffs.
But other EU countries run bilateral trade deficits with Britain, and are less interested in cutting generous deals.
Does it matter that President Trump's understanding of trade policy and trade deficits is flatly contradicted by data?
Trump administration advisers have argued that trade deals result in trade deficits that have weakened the US economy.
But we run large trade deficits with South Korea and Mexico, democracies with which we have trade deals.
Trump has focused his ire on trade deficits, which he says hurt the U.S. economy and American workers.
ON THE OTHER HAND, HE'S TRYING TO DO AWAY WITH BILATERAL TRADE DEFICITS AND THE ACCOUNTS DON'T BALANCE.
Looking at specific trade deficits in certain areas when there was a surplus in other areas like services.
Massive amounts..... .....of money spent on protecting other countries, and we get nothing but Trade Deficits and Losses.
In that context, issues raised by our largest trade deficits in East Asia need urgent and careful attention.
There's surging consumer demand for exports in the U.S., so the country has trade deficits with exporting nations.
To understand what's wrong with that inference, consider some of the many bilateral trade deficits that I run.
Instead, he offered a long list of rosy statistics about jobs, trade deficits and the gross domestic product.
These trade deficits would have a devastating effect on manufacturing — remember those jobs Trump promised to bring back?
As many people have pointed out to no avail, Trump is all wrong about what trade deficits do.
In this way, trade deficits enable American consumers and investors to spend and invest more than we produce.
This is neither how trade deficits work nor the correct figure, which should be more like $350 billion.
Mr. Trump could be angling for an offer that would more directly reduce the United States' trade deficits.
He said the United States had "racked up $13 billion in trade deficits" in the last two decades.
Trump has repeatedly complained the U.S. has been "ripped off" by other countries for decades, citing trade deficits.
A couple months later, trade policy deteriorated into bluster over issues such as trade deficits and national security.
The U.S. administration deserves credit for boldly moving to stop decades of rising trade deficits and foreign debt.
Freeman noted in the column that trade deficits correlate with a thriving economy, as the U.S. has now.
"And when I continually hear focus by the president and some of his advisers on remedying bilateral trade deficits with other trade partners, I think almost any economist would tell you that there's no real meaning to bilateral trade deficits, and it's not an appropriate objective of policy," she said.
Trump has said weak deals have cost millions of American jobs and has vowed to cut U.S. trade deficits.
For countries that run widening trade deficits, however, weaker currencies are posing risks to inflation, growth and financial stability.
China primarily accounted for the trade deficits in computers, electrical equipment and apparel—three of the top five sectors.
The figure underscores the challenges facing President Donald Trump in fulfilling a campaign pledge to reduce America's trade deficits.
The U.S. aims to address grievances including intellectual property theft, forced technology transfers and its trade deficits with Beijing.
And that autonomy is greater still in countries with narrower trade deficits, lower inflation and lower levels of debt.
President Donald Trump sees America's trade deficits as a sign of weakness but hasn't been able to reduce them.
The other BRICS, already burdened by cheap Chinese imports and huge trade deficits with Beijing, are likely to balk.
A few Arab states hope that China's growing taste for olive oil will lower their trade deficits a bit.
Most say bilateral trade deficits are not a good measure of market access or the fairness of trade agreements.
Another cost of our persistent huge trade deficits is a declining U.S. position in the growth industries of tomorrow.
Deficits are driven by broader economic factors, and lower trade deficits coincide with economic downturns, not periods of growth.
The first order will call for a detailed report on the cause of U.S. trade deficits within 90 days.
Large trade deficits encourage destructive public policy and they reflect policies that foster a spendthrift and debt-laden society.
Additionally, she said trade agreements don't tackle larger reasons for the U.S. trade deficits, particularly the low savings rate.
Trade deficits are driven less by the terms of trade and more by the supply and demand for savings.
The new paradigm shuns opportunities in favor of trade with a specific outcome, that is, elimination of trade deficits.
President Donald Trump has vowed to reduce America's trade deficits, which he blames on abuses by U.S. trading partners.
The G-7 meeting next week is a stage to demand a rapid reduction of America's excessive trade deficits.
Borrowing to buy a home or run a business is not for losers only, and neither are trade deficits.
America's large and systematic trade deficits, and the soaring net foreign debt, are very serious issues of public policy.
For countries that run widening trade deficits, however, weaker currencies are posing risks to inflation, growth and financial stability.
Attempts by USTR to reduce America's bilateral trade deficits with Mexico and Canada are likely to harm American workers.
It has used the foreign capital to finance investment at home, racking up huge trade deficits along the way.
Mr. Trump's economic report also cautioned against counting trade deficits as losses or as a metric of economic health.
But the claim that trade surpluses often reflect weakness, while trade deficits reflect strength, is a very hard sell.
The reality, however, is that trade deficits have almost nothing to do with tariffs or other restrictions on trade.
The most optimistic projections of the likely economic benefits of the tax cuts are driven by increased trade deficits.
The U.S. has served notice that it would no longer tolerate its excessive and systematic trade deficits with China.
Trump has frequently complained about the U.S.'s trade deficits with economies such as the European Union and China.
AND AS THE PRESIDENT SAID, HE'S A FREE TRADER BUT, YOU KNOW, WHY DO WE HAVE THE TRADE DEFICITS?
Put another way, trade deficits are always a temporary phenomenon, to be followed eventually by surpluses, and vice versa.
The United States had trade deficits of $375 billion with China and $71 billion with Mexico in goods alone.
China calls that cooperation, adding a "win-win" mantra to sugar coat a bitter pill for losers accumulating trade deficits.
KUDLOW: But the issue here, I don&apost really think it&aposs trade deficits, that&aposs not my favorite metric.
One of President Donald Trump's biggest priorities has been reducing the United States' trade deficits with countries around the world.
Over the last two years, these trade deficits have taken an entire percentage point out of America's sluggish economic growth.
Foreign investment is the inverse of trade deficits because all of those dollars have to come back to America somehow.
Last month, Trump also issued an order calling for a major review of the causes of all U.S. trade deficits.
Thus it can run persistent trade deficits, or put another way, American consumers can spend as much as they like.
However, Japan's finance minister has said he had no discussion on trade deficits when he spoke with Ross last week.
Congress and the will have to come up with fiscal and trade policies to keep down budget and trade deficits.
They won't even reduce trade deficits with Europe and Japan — close friends and allies and long-standing G-7 partners.
The tax cuts that the president signed into law in December make his fixation on trade deficits even more senseless.
This is because in spite of his obsession with tariffs, tariff rates don't drive trade deficits — domestic savings dynamics do.
The bottom line is that U.S. trade deficits are not inherently "bad," and often coexist with strong U.S. economic growth.
Rising interest rates increases the value of the dollar, raising the costs of U.S. exports and potentially deepening trade deficits.
Foremost, the Trump administration's aim to decrease U.S. bilateral trade deficits with countries like India may preclude greater economic cooperation.
Dempsey kept the same track on trade deficits, arguing that the long-standing shortfall could be narrowed by trade agreements.
The U.S. is upping the ante in ignoring its saving imperatives and the trade deficits that occur as a consequence.
He has long called for these tariffs, saying America is being cheated by foreign competitors and its large trade deficits.
The U.S. is an attractive investment destination for countries all over the world, and that also piles onto trade deficits.
Remember, he pledged to fight for lower trade deficits and a more liberal access to foreign markets by American exporters.
The United States has run large trade deficits when its trading partners were manipulating the currency and when they weren't.
Reducing trade deficits, he has argued, will work in tandem with lowering taxes and reducing federal regulations, to supercharge growth.
Reducing trade deficits, he has argued, will work in tandem with lowering taxes and reducing federal regulations to supercharge growth.
Mr. Trump argues that free trade has hollowed out America's industrial base and saddled the country with huge trade deficits.
But the logic of the pro-tax cut case depends on the cut facilitating a period of large trade deficits.
Mr. Trump once suggested that "massive trade deficits" are to blame for the national debt, a claim many economists challenge.
"What poses a national security risk is our balance sheet," he said, pointing to trade deficits with the European Union.
THE WAY I LOOK AT TRADE DEFICITS IS IT'S A REVERSE MORTGAGE ESSENTIALLY THAT THE AMERICAN PEOPLE ARE TAKING OUT.
Mr. Trump has repeatedly denounced trade deficits as a major contributor to what he sees as the nation's broken economy.
"We have trade deficits with over 100 countries right now, that's a hollow accomplishment to say the least," he said.
Trump has said he would easily erase the trade deficits, which he argues are holding back economic and jobs growth.
He saw a situation where perhaps, those who ran trade deficits with China could become some kind of coalition here.
In the case of the United States, the dollar has obstinately refused to fall, however, despite persistent annual trade deficits.
But in fact, trade deficits are nothing more than the flip side of large capitals inflows from around the world.
Trump argued that he would greatly improve U.S. relationships with nations such as Mexico and China while lowering trade deficits.
The iPhone's contribution to U.S. trade deficits is almost certain to have grown sharply alongside higher retail prices and shipments.
Stock markets are euphoric after Donald Trump's victory as pundits bet on U.S. economic growth based on the president-elect's stimulus plans, but be aware of trade deficits and funding U.S. consumption, said Yale economist and noted author on China, Stephen Roach "Given the overall savings of the U.S., that spells bigger trade deficits and for a president who is clearly raising some protectionist flags at a time when our trade deficits are going to widen, that's a big disconnect," Roach, a former chairman of Morgan Stanley Asia and chief economist, told CNBC's "Squawk Box ".
Trump campaigned on an "America First" platform, and has vowed to narrow big trade deficits with nations like China and Japan.
Trump signed executive orders on Friday aimed at investigating possible abuses causing large U.S. trade deficits and stopping import duty evasion.
While our trading partners' economies have meaningfully improved, America's approach to trade failed to adjust, leading to increasingly large trade deficits.
In particular, one part of the Trump team, led by Peter Navarro, sees America's trade deficits as "subtracting" from economic growth.
A focus on trade deficits means that tiddly deals such as those with Jordan and Oman will not face much heat.
He has pushed Beijing to address what he calls unfair trade practices such as intellectual property theft and massive trade deficits.
As a candidate in 2016, the president pledged to overhaul U.S. trade deals to boost American manufacturing and cut trade deficits.
Mexico has been the prime target of NAFTA critics, who blame it for lost manufacturing jobs and widening U.S. trade deficits.
That appears to reflect Trump's sincere misapprehensions about trade deficits, but also his preference for wheeling and dealing over systematic policymaking.
Active participation in seeking resolutions to complex global conflagrations must not depend upon the moment's economics, trade deficits or electoral politics.
Not only does improving access to more consumers help grow jobs, but it also drives economic growth and reduces trade deficits.
Trump's administration has ordered a study into the causes of U.S. trade deficits and a clamp-down on import duty evasion.
Another major product category, petroleum and petroleum products, could also pose problems if the goal is to eliminate all trade deficits.
"In the 1980s, Japan accounted for 53 percent of U.S. trade deficits, but the situation is totally different now," Aso said.
And as much as trade surpluses are net contributions to GDP growth, trade deficits are net subtractions from deficit countries' economies.
U.S. President Donald Trump is expected to sign executive orders on Friday aimed at identifying abuses causing huge U.S. trade deficits.
Trump has made reducing U.S. trade deficits a key focus of his economic agenda to try to grow American manufacturing jobs.
Trump has said that Canada and other countries have taken advantage of the U.S. and created trade deficits that hurt Americans.
Trade deficits, intellectual property theft and Chinese plans to dominate industries of the future are only a small part of it.
He has complained about trade deficits with Mexico and Canada, which he says amounts to unfair treatment of the United States.
By contrast, the biggest goods trade deficits with Canada are in states such as California and Illinois that voted for Clinton.
First, large and systematic trade deficits indicate an economic policy that excessively relies on external demand to generate income and employment.
Protectionist actions in the face of ever-widening trade deficits is an egregious policy blunder by any stretch of the imagination.
Trump has argued that large trade deficits with China are a sign that Beijing is not playing fair in global trade.
The result is a deteriorating trade balance: a decline of a trade surplus, or, most frequently, an increase in trade deficits.
The trade deficit with China Trump claimed that the US used to have "$13 billion a year" trade deficits with China.
But it doesn't matter much, anyway, because in reality, trade deficits are not a threat to robust growth and full employment.
Trump wants a broad trade agreement with China to address concerns about intellectual property theft, forced technology transfers and trade deficits.
The delays in instituting an overall trade policy, particularly the 90 days for reviewing trade deficits, could also have geopolitical advantages.
THE REAL QUESTION IS CAN WE CONTINUE TO AFFORD THESE MAMMOTH TRADE DEFICITS THAT ARE SUCKING MONEY OUT OF OUR COUNTRY.
It is reminding us that the reasons why countries register trade deficits is that those countries consume more than they produce.
In the 1970s and '80s, as trade deficits became persistent, politicians did not hesitate to respond through these sorts of interventions.
One of the arguments by the Trump administration for seeking new trade deals has been the desire to narrow trade deficits.
Trump made America's large trade deficits, lost factory jobs and stagnant wages for the middle class a central part of his campaign.
Over only the last five years, trade deficits have reduced the U.S. economic growth by a total of about 2 percentage points.
Beijing has been on notice for some time that Mr. Trump will not tolerate annual trade deficits of $350 billion (2016 estimate).
But funding bigger government deficits will require inflows of capital from abroad, the flipside of which is larger, not smaller, trade deficits.
Trump has pushed for an agreement to address grievances with China such as intellectual property theft, forced technology transfers and trade deficits.
The Trump administration is in negotiations with Beijing that would address issues include trade deficits, intellectual property theft and forced technology transfers.
President Donald Trump views America&aposs massive trade deficits as a sign of economic weakness and has vowed to bring them down.
Climate change is a more serious problem for America's future than illegal immigration or bilateral trade deficits, Mr Biden could credibly argue.
Trump's battle with China over trade deficits, alleged intellectual property theft and forced tech transfers has repeatedly spooked investors around the world.
Japan's finance minister, Taro Aso, however, said he had no discussion on trade deficits when he spoke with Ross earlier last week.
On Friday, Trump ordered a study into the causes of U.S. trade deficits and a clampdown on countries that evaded import duties.
South Korea has been running chronic trade deficits with Japan as South Korean industries rely on Japan for key inputs and equipment.
The United States has criticized Germany's large trade surplus and threatened to shrink U.S. trade deficits with potential measures to restrict imports.
Trade deficits continued to grow throughout the year for the U.S. despite President Donald Trump's moves to curb the shortfall through tariffs.
Trump campaigned on an "America first" platform, and has vowed to narrow big trade deficits with nations such as China and Japan.
In reality, trade deficits arise because of changes in the balance between national saving (private saving and government budget balances) and investment.
Politicians often fuss about trade deficits, but in 2018 we exported about $8 billion more to Canada than we imported from Canada.
The focus should not just be on reducing trade deficits — trade is, after all, a voluntary agreement from which both sides benefit.
Beijing will not sell North Korea down the river in exchange for Trump's leniency on large, and growing, trade deficits with China.
Sure, the Chinese will "commit" to buying more U.S. goods and to reduce our trade deficits by a few hundred billion dollars.
The Trump administration has made trade deficits the yardstick for measuring the success of trade deals, but that's a miscalculation, analysts said.
They spur investment, lower trade deficits and create jobs, all of which are critical to the continued success of the American economy.
But at the same time there was Trump and his obsession with trade deficits — with getting China to buy more US stuff.
In the more widespread view among economists, trade deficits are not inherently good or bad; they can be either, depending on circumstances.
He may have intended to blast China, but that 6.3 percent annual increase in trade deficits has been happening on his watch.
Look for the Vietnamese to say, 'we're trying to fix trade deficits, we're looking for the Trump administration to show (regional) leadership.
The new paradigm is sharply critical of this approach, citing the large trade deficits that the U.S. has sustained under this system.
On 126 occasions, Trump has wrongly said the US loses money on trade deficits And on and on (and on) it goes.
Inside, Mr. Trump's references to the border wall and trade deficits received some of the most enthusiastic applause from the large crowd.
Trade deficits have been an important cause of the decline in U.S. manufacturing employment since 2000, but that decline began much earlier.
The second fact is that currency misalignment — not trade deals — is the single most important driver of growing United States trade deficits.
Here is a fact-check of recent comments that Mr. Trump has made on trade deficits, the World Trade Organization and tariffs.
Despite Mr. Trump's obsession with reversing trade deficits, the country that runs a deficit in steel is Mexico, not the United States.
Mr. Trump has frequently criticized trade deficits as weaknesses in American trade policy, but most economists do not see them that way.
On trade, Trump has insisted that US trade deficits be reduced and has used harsh tactics like tariffs to achieve his goals.
These changes should attract even more international capital into the United States, leading to an even stronger dollar and larger trade deficits.
At present, Mexico and Canada also run global trade deficits that are larger than the U.S.' deficit as a percent of GDP.
First, Trump thinks that America runs trade deficits with countries like China and Germany because the US is being swindled by them.
Correction: This article has been updated to reflect in the key points that the U.S. has half-a-trillion dollar trade deficits.
And like Mr. Trump, he has held little back over the years in arguing that position or remedies to narrow trade deficits.
Of late, the Trump administration has been focused on eliminating trade deficits through its own domestic actions rather than through international mechanisms.
Economists are very clear that bilateral trade deficits are nothing to fear, but the Trump administration is worked up about them nonetheless.
During his presidential campaign, Trump lambasted America's trade deficits with other countries and avowed to correct, or at least improve, these imbalances.
According to Roach, however, tariffs are unlikely to be the solution to the trade deficits between the U.S. and its trading partners.
Facts First: Trump refers to trade deficits as economic losses, and surpluses as gains, though this characterization is rejected by many economists.
In other forums, the administration has asserted that bilateral trade deficits are a sign of unfair trade practices by our trading partner.
A prompt and a meaningful decline of U.S. trade deficits with China is an urgent matter of economic policy and national security.
Trump needs to make noise on trade, and, with canceling NAFTA off the table for now, trade deficits could come into focus.
Some advocates have argued that the switch to destination-based taxes would make American goods more competitive and reduce our trade deficits.
"I think we have very broad objectives that are across a rebalancing of the trade relationship and the trade deficits," Mnuchin said.
"All countries run trade deficits whenever they consume more than they produce," said Kimberly Clausing, an economist at Reed College in Oregon.
Still, Trump knows enough to call systematic half-a-trillion, and rising, annual trade deficits a big "rip-off" of the American economy.
Trump has blamed unfair trade practices, but many economists don't see trade or efforts to reduce trade deficits as helping U.S. employment much.
The president went through tariffs, trade deficits, defense spending, and other talking points that have featured heavily in his tweets since taking office.
To be sure, on rare occasions trade deficits are symptoms of underlying dysfunctions, but they are never themselves a cause of these dysfunctions.
These and other measures, it hopes, will eliminate the big trade deficits it now runs with both the other members, Mexico and Canada.
Although most mainstream economists disagree — trade deficits reflect economic health, not malaise, they say — cutting the gap is a pillar of Trump's presidency.
Negotiations between the two economic superpowers over issues including trade deficits, alleged intellectual property theft and forced technology transfers broke down in May.
Climate change is a much more serious problem for America's future than illegal immigration or bilateral trade deficits, Mr Biden could credibly argue.
If the Trump administration reacts to widening trade deficits with extra tariffs and non-tariff barriers, then the instability will only be exacerbated.
Less promisingly, Robert Lighthizer (pictured, left), the United States Trade Representative, said he wanted assurances that America's huge trade deficits would not continue.
The Trump administration also says it is looking into the causes of US trade deficits and wants to stop large import duty evasion.
But Mexican Economy Minister Ildefonso Guajardo insisted that talks to overhaul the 23-year-old trade accord should not center on trade deficits.
It did not specifically mention the Trump administration's "America First" trade agenda aimed at reducing U.S. trade deficits and turning away more imports.
Although the Trump administration has indicated no specific action against Thailand, Trump has ordered a study into the causes of U.S. trade deficits.
Trade friction and tariffs have put a dent in both economies, and show up in record trade deficits between the U.S. and China.
Ironically, such policies could well lead to slower U.S. and global growth, and thereby lower U.S. trade deficits, but with terribly damaging costs.
Yellen also criticized Trump's focus on bilateral trade deficits — the difference in value between a country's exports to and imports from another nation.
But analysts have said trade deficits, especially with a focus on manufactured goods, don't offer much as an indication of a pact's benefits.
On current policies, trade deficits are set to keep soaring, taking away American wealth, jobs and earnings in hard-pressed import-competing industries.
Mr. Trump tied illegal immigration and trade deficits to the country's economic problems, and made frequent reference to Illinois's particularly dire fiscal situation.
But Navarro's economist colleagues don't see affirmation for his advice to Trump on, say, the interactions between tax cuts, tariffs, and trade deficits.
Exhibit 3: Trump officials like Gary Cohn who favor free trade have felt like "Groundhog Day" trying to explain trade deficits to him.
He has, for example, declared that we have large trade deficits with Canada; actually, according to U.S. numbers, we run a small surplus.
Still, even if trade deficits are a distinctly secondary cause of manufacturing decline, can't Trump help a little by getting tough on foreigners?
Many economists argue, however, that these bilateral trade deficits, when viewed in isolation, are not a good measure of a nation's economic health.
In outlining its goals for the Nafta renegotiation, the Trump administration listed as a priority shrinking American trade deficits with Mexico and Canada.
But Blinder, a professor of economics at Princeton University, said that's not how trade deficits work and that they benefit all countries involved.
In light of enormous U.S. trade deficits, it is time for the United States to reciprocate with offset demands of our trading partners.
"We have trade deficits with everybody," Trump said on Tuesday ahead of a lunch with Republicans urging the U.S. to remain in NAFTA.
In outlining its goals for the Nafta renegotiation, the Trump administration listed as a priority shrinking American trade deficits with Mexico and Canada.
A compromise by the European Union would also suggest that the United States' large trade deficits are an advantage in its trade battles.
The UK, France, Germany, Italy, Spain and Japan — wealthy countries with similar economies and substantial domestic seafood production — also run seafood trade deficits.
President Trump has repeatedly made clear his antipathy toward free trade, vowing to protect American workers and rebalance trade deficits with other countries.
U.S. President Donald Trump wants more U.S. content in autos, citing trade deficits of $64 billion with Mexico and $11 billion with Canada.
It is eyeing several measures that would hurt the American tech industry in Europe, a major corrective for American trade deficits with Germany.
Particularly disappointing is the fact that there is no progress at all in bringing trade deficits down with the European Union and China.
"The real question is can we continue to afford these mammoth trade deficits that are sucking money out of our country," he said.
There are some circumstances where trade deficits could hurt us, for example if foreign buyers stop recirculating their dollars into the U.S. economy.
But Trump's use of punishing tariffs to try to remedy his country's chronic trade deficits with China is also playing a significant role.
Among those countries that have been registering large trade deficits on a continuing basis have been the United States and the United Kingdom.
Summers and his ilk have been cheerleaders for globalized trade that has left the United States running 41 consecutive years of trade deficits.
The administration is also keeping score largely by trade deficits, rather than counting success by market-distorting practices eliminated and increased U.S. sales.
Effectively, Congress empowered the White House to go after unfair barriers to American exports that are causing U.S. trade deficits with GSP countries.
Trump said he is working "as fast as possible" to reduce the country's large trade deficits with U.S. trading partners in the region.
The administration has commissioned a comprehensive report on the state of significant trade deficits, which has not yet been released to the public.
President Trump's trade war has led to even bigger trade deficits with China, even though it was intended to improve the trade balance.
Canada's ambassador to the United States said it was clear the Trump team were concerned above all about trade deficits with Mexico and China.
Private economists contend that broader factors, such as lower wages in both China and Mexico, play a bigger role in determining the trade deficits.
In this world of nearly 200 countries, bilateral trade deficits are as unavoidable and as economically meaningless as your trade deficit with your grocer.
To the extent that trade deficits thus represent borrowing from abroad, there is some truth to the idea that they could erode American wealth.
Thailand runs a large trade surplus with the United States and Trump last month ordered a study of the causes of U.S. trade deficits.
The president has closed off vital trade relationships — leading to drastic declines in exports across the United States and massive new record trade deficits.
The Trump administration aims to strike a trade deal with Beijing to address concerns including intellectual property theft, forced technology transfers and trade deficits.
Besides hurting our workers, chronic trade deficits stifle economic growth while we now owe China and other trading partners trillions in U.S. Treasury debt.
U.S. officials say Trump is more focused on large U.S. trade deficits with countries such as China and Mexico, the third signatory of NAFTA.
The president aims to end the conflict while forcing China to address trade deficits, intellectual property theft and forced technology transfers, among other grievances.
Conversely, costly oil in the years before 2014 added to the chronic trade deficits and inflation suffered by countries such as India and Pakistan.
If that happens, rapidly climbing trade deficits will hit U.S. jobs and income, while adding to net foreign liabilities currently standing at $7.5 trillion.
Trump would also crack down on the mercantilist trade cheaters, thereby bringing jobs and industries back to America and reducing our massive trade deficits.
Attrill argued that further out, the U.S. dollar would come under pressure of its own from the United States' expanding budget and trade deficits.
U.S. President Donald Trump has vowed to narrow big trade deficits with nations like China and Japan, saying he would boost U.S. manufacturing jobs.
He promises the kind of infrastructure investment no Republican Congress would ever pass and a reversal of trade deficits that no president could guarantee.
Strong industrial production and retail sales, together with smaller trade deficits in April and June suggest economic growth accelerated sharply in the second quarter.
Why would they want to lock us into these never-ending trade deficits when the president&aposs efforts so far are actually bearing fruit?
The government has been trying to cut spending to cope with budget and trade deficits since crude oil prices fell sharply in mid-2014.
Wednesday's decision is in line with U.S. Commerce Secretary Wilbur Ross' pledge to aggressively police unfairly traded imports to help shrink U.S. trade deficits.
Just look at the trade deficits…and the accumulated debt…The United States has been treated very unfairly by many countries over the years.
But he said Trump also is losing, evidenced by the record trade deficits in 2018 with both China and the rest of the world.
Trump has blamed China for massive trade deficits and job losses in the U.S., but on Thursday there were no comments on this topic.
In the world according to President Trump, trade deficits are among the clearest indication that Americans have become habitual chumps in the global marketplace.
Given Donald Trump's relentless focus on international trade deficits and the decline of US manufacturing, the rollout of this factory is perhaps perfectly timed.
These bad trade deals are the cause of our trade deficits, which have cost us millions of manufacturing jobs over the last two decades.
The U.S. had goods trade deficits of about $63 billion and $12 billion last year with Mexico and Canada, respectively, according to the USTR.
"We can no longer have massive trade deficits and job losses," Trump tweeted ahead of his meeting with Chinese President Xi Jinping this year.
This rhetoric is harmful and suggests a fundamental misunderstanding of bilateral trade deficits and the macroeconomic factors that influence a nation's balance of trade.
"The United States has suffered massive trade deficits at the hands of Japan for many, many years," Trump said, according to a Reuters report.
More importantly, he reveals an unhealthy mercantilist obsession with trade deficits, illustrated by his controversial opinion piece in the Wall Street Journal last Sunday.
Before the meeting, the Commerce Department did say it was undertaking a review of U.S. trade deficits by product, due out in late June.
They are focused on expanding exports as the only practical means of achieving President Trump's objectives for economic expansion and reduction of trade deficits.
On the home front, Washington's half-a-trillion dollar annual trade deficits are growth leakages that must be plugged through free and fair trade.
Strong industrial production and retail sales, together with smaller trade deficits in April and June, suggest economic growth accelerated sharply in the second quarter.
Nations run trade deficits when their spending on consumption and investment, both private and public, exceeds the value of goods and services they produce.
On the other side, globalization's cheerleaders — the dominant center left/right coalition noted above — view trade deficits as always benign, which is also problematic.
His administration has questioned years of efforts to lower global trade barriers, arguing that they hurt American workers and led to big trade deficits.
"We think that of course you're going to have to go through a period in which you have higher trade deficits," Mr. Ekins said.
SO, IT'S A COMPLEX QUESTION, BUT AT THE END OF THE DAY, WE HAVE TRADE DEFICITS WITH EVERY SINGLE MAJOR TRADING PARTNER WE HAVE.
They earned them in an international trading system where the United States acquiesced in running systematic half-a-trillion dollars of annual trade deficits.
A LOT OF THE MONEY THAT IS BEING USED FOR OTHER PURPOSES IS MONEY THAT CAME FROM US IN THE FORM OF TRADE DEFICITS.
But the administration will also need a trade agenda for Asia, and thus must abandon the idea that trade deficits alone are what matters.
But there was another number released Friday that he didn't crow about, which was remarkable for a man with an obsessions about trade deficits.
In short, the focus shouldn't be on reducing trade deficits and risk increased poverty, but rather how to make the U.S. more economically competitive.
We run $500 billion trade deficits with China, and we estimate that we lose almost as much in intellectual property theft, every single year.
The Trump administration has touted natural gas exports from the United States as a way to reduce its trade deficits and boost domestic employment.
And don't worry about the "global multilateral trading system" – a fiction bandied about to discredit U.S. policies seeking to shake off its excessive trade deficits.
Wall Street has to understand, and support, U.S. attempts to stop, and reverse, the country's growth-killing, excessive trade deficits with China, Europe and Japan.
From the viewpoint of huge American trade deficits, U.S. President Donald Trump is coming home empty handed after the Group of 21.5 meeting in France.
But the stimulus should be executed to meet these objectives without creating excessive trade deficits and increasing the country's large ($7.5 trillion) net foreign liabilities.
One order commissions a 90-day study of US trade deficits with some of its largest trading partners to identify potential trade abuses and cheating.
"The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits..." Trump tweeted Thursday.
Lacking no chutzpah, the German chancellor Angela Merkel told President Trump last week that the U.S. should not complain about trade deficits with Germany. Why?
But if trade deficits do not lend themselves to certain conclusions in the realm of economic policy, they have served as highly useful political fodder.
The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits... ...and job losses.
The administration has maintained that a new deal between the U.S. and its neighbors would reduce trade deficits and bring back jobs to American workers.
Despite the media hype about illegal immigration and trade deficits, there is a strong cooperation between the two governments on combatting drug trafficking and security.
But what if trade deficits have nothing to do with our economic well-being, which in fact relies on a healthy dose of foreign competition?
"The United States has suffered massive trade deficits with Japan for over 70 years," Trump told a gathering of top American and Japanese business leaders.
All of this will shift some of the trade deficit away from U.S.-China toward larger trade deficits with the rest of Asia and Europe.
The Trump administration's negotiating goals submitted to Congress in July 2017 talked of shrinking trade deficits with Mexico and Canada and boosting U.S. auto production.
Countries that run trade deficits do so because they are spending more than they earn; international borrowing is the mirror image of the trade deficit.
Ross added that Navarro was spending a lot of time on "Buy American, Hire American" initiatives as part of his focus on U.S. trade deficits.
Trade deficits are the combined result of Americans having significant purchasing power in the world market and the desire for foreigners to invest in America.
First, the excessive trade deficits with Europe and East Asia will be reduced by a significant and sustained increase in American exports to those destinations.
Claude Barfield of the American Enterprise Institute said that since Trump is also fixated on trade deficits, some language might be added to that point.
The reduction of trade deficits have been a priority for the United States; in 2016, it had a $17 billion trade deficit with South Korea.
Most economists do not see the trade gap as money "lost" to other countries, nor do they worry about trade deficits to a large degree.
Many trade economists say Trump's zero-sum, "mercantilist" view of trade is misguided and that he is wrong to think trade deficits are always bad.
Trump has made reducing U.S. trade deficits a priority and the combination of rising interest rates and a strengthening dollar pose risks for export growth.
There's an immediate irony here: the rhetoric calling for corporate tax cuts is all about "competitiveness", yet the initial impact would be bigger trade deficits.
WASHINGTON (Reuters) - During his election campaign in 267, U.S. President Donald Trump promised to shake up global trade and bring down America's growing trade deficits.
The two economic superpowers are working to hash out a sweeping deal that addresses issues including trade deficits, intellectual property theft and forced technology transfers.
Trump spent about 45 minutes recognizing each of the lawmakers and business officials in attendance, while complaining about trade deficits and criticizing Democrats and impeachment.
America's trade deficits with China and other countries fundamentally reflect "the fact that we don't save enough," said Roach, a former Morgan Stanley Asia chairman.
But if trade deficits do not lend themselves to certain conclusions in the realm of economic policy, they have served as highly useful political fodder.
As a result, its currency could continue weakening, its current account and trade deficits are set to widen further, and its growth could be affected.
The president has made trade deficits a focus of his tariffs plan, arguing that the U.S. is getting short shrift on the global trading stage.
China also needs Hong Kong to fund any trade deficits, should it accrue one, said Woods, chief investment officer for Asia Pacific at Credit Suisse.
I don't think he was referring to trade deficits in this case but in this case you kind of agree with Dick Cheney won't you?
Since then, moreover, trade deficits in advanced manufacturing have worsened, and the stagnation of productivity growth suggests that the robots have been replacing fewer workers.
Even though they're not an indicator of economic strength, Trump obsesses over delivering on his pledge to narrow trade deficits ahead of the 2020 election.
LIESMAN: THE PRESIDENT SEES TRADE DEFICITS WITH MEXICO AND THE UNITED STATES AS A NEGATIVE OR WITH CANADA AND THE UNITED STATES AS A NEGATIVE.
Meanwhile, Washington will continue to praise its achievements in an election year, even though trade deficits with China will remain far too large to ignore.
Private business delegations have arrived "in droves" at this year's FOCAC, said Stevens, and are pushing China to narrow their country's trade deficits with Beijing.
It has led to bigger trade deficits with China, dented consumer sentiment and is weighing down the global economy, according to the International Monetary Fund.
Lighthizer complained that the Mexican and Canadian sides showed no evidence of willingness to make changes that would "rebalance" NAFTA to shrink U.S. trade deficits.
Jared Bernstein, a senior fellow at Center on Budget and Policy Priorities and a former economic adviser to Vice President Joseph R. Biden, said that while the president should not look to trade deficits as a "scorecard" from month to month, Mr. Trump "was onto something" with his intuition that persistent trade deficits reflected a structural problem of fewer goods being produced in the United States.
The experience of the fiscal expansion, strong dollar and trade deficits of the 1980s hold important lessons for the next two years and a possible roadmap.
Trump has foreshadowed the risk of talks being tense, tweeting on Thursday that the United States could no longer tolerate massive trade deficits and job losses.
So far, the rising U.S. trade deficits show that President Donald Trump's administration has offered no defense to stop the huge erosion of America's external accounts.
The big sticking point for President Donald Trump in the negotiations is China's intellectual property theft and forced technology transfers, as well as the trade deficits.
" -- October 21 campaign rally in Dallas Facts First: "We lose with everybody" is an exaggeration, even going by Trump's disputed characterization of trade deficits as "losses.
As this week's column explains, though, there are downsides: An overvalued currency and persistent trade deficits are fine for America's consumers, but painful for its producers.
With its systematic half-a-trillion dollar annual trade deficits, the U.S. is by far the largest net contributor to the growth of the world economy.
Our growing trade deficits were nothing more than evidence of other countries' willingness to lend to us, so we might happily consume more than we produce.
America's growing trade deficits will also be a significant depressant to domestic demand as our import-competing industries continue to struggle with their shrinking market shares.
One will commission a 90-day study of the US' trade deficits with some of its largest trading partners to identify potential trade abuses and cheating.
The president consistently points to trade deficits, particularly in goods, with partners like China and the European Union as evidence that the US is getting duped.
Trump continued to rail against American trade deficits with other countries, arguing that each of those nations should be subject to tariffs, regardless of broader alliances.
During the Great Depression, the volume of global trade plummeted after the passage of the infamous Smoot Hawley Tariff Act, and the dreaded trade deficits disappeared.
However, that may not apply to the trio of Asian countries with trade deficits — India, Indonesia and Philippines — which have recently taken a one-two punch.
Trade deficits usually are a byproduct of a growing economy, and U.S. GDP appears well on its way to achieving the administration's 3 percent annual target.
Trump, however, has made reducing U.S. trade deficits a priority and the combination of rising interest rates and a strengthening dollar pose risks for export growth.
And, trade deals or not, America had enormous, chronic trade deficits with most countries in the region, guaranteeing economic and political engagement for decades to come.
He is overly concerned with trade deficits, which leads him to indulge in selective forms of protectionism that are both politically unwise and economically self-defeating.
After more than 70 years of an unfair playing field, we are burdened with chronic trade deficits and a national debt in excess of $20 trillion.
Countries with the lowest trade barriers (Singapore, Switzerland) have some of the biggest trade surpluses, while countries with high trade barriers (Brazil, India) have trade deficits.
"The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits," Trump wrote on Twitter.
And part of the price the United States pays for that status is a stronger currency and higher trade deficits than would be the case otherwise.
Analysts said investors were becoming nervous about the prospect of swelling U.S. budget and trade deficits given the passage of huge tax cuts and spending plans.
But Trump has made reducing U.S. trade deficits a priority, and the combination of rising interest rates and a strengthening dollar poses risks for export growth.
But the case for worrying about trade deficits, like the case for running budget deficits, has largely evaporated now that unemployment is back to 4 percent.
On the one hand, the president is deeply convinced that bilateral trade deficits are harmful and therefore aggressive "trade war" measures give him the upper hand.
But many experts don't seem to think that bilateral trade deficits are a problem in themselves — they're just a symptom of other issues (if even that).
Mr. Trump has described trade wars as "easy to win" while vowing to rebalance the United States' trade deficits with major economies like China and Germany.
Focus more on the economic nationalism that is needed for the United States to prosper and reduce trade deficits in the long run with all nations.
Other Asian central banks in nations running trade deficits and exposed to portfolio outflows and higher oil prices have shown more urgency in hiking interest rates.
Trump has, however, made reducing U.S. trade deficits a priority, and the combination of rising interest rates and a strengthening dollar poses risks for export growth.
They fought a short but intense war in the 1960s, supported insurgencies in each other's backyards, clashed over very different ideologies, and sparred over trade deficits.
News Analysis In the world according to President Trump, trade deficits are among the clearest indication that Americans have become habitual chumps in the global marketplace.
"When we're behind on every single country, trade wars aren't so bad," Trump said, apparently referring to the U.S. as being "behind" due to trade deficits.
But it remains to be seen how the U.S. can use that to stop and reverse its soaring trade deficits with the world's second-largest economy.
But Trump has made reducing U.S. trade deficits a priority, and the combination of rising interest rates and a strengthening dollar poses risks for export growth.
Since modern advanced economies include many people who don't work, reducing their standard of living is the main means through which trade deficits can be closed.
The stronger currency, which makes U.S. exports more expensive to foreign buyers, has also frustrated President Donald Trump, who is trying to reduce U.S. trade deficits.
Moderate trade deficits are not inherently bad for the economy, and countries on both sides of a trade imbalance still benefit in some way from trade.
Economists say that Trump's own expansionary budget policies will fuel ever larger trade deficits, essentially defeating his stated aim of having "balanced trade" with individual countries.
One of the orders directed the Commerce Department and the U.S. trade representative to conduct a 90-day review of the causes of massive U.S. trade deficits.
Navarro has been an aggressive proponent of continued punitive tariffs for China and has been seen as the person fuelling Trump's personal obsession with reducing trade deficits.
The huge, and increasing, trade deficits are dampeners of U.S. economic growth at a time when the scope for supportive monetary and fiscal policies has practically vanished.
Trump has pledged to reduce U.S. trade deficits with China as a top priority and to impose punitive tariffs on Chinese goods coming into the United States.
Lighthizer also addressed the Trump administration's broader trade agenda, including references to goals like eliminating trade deficits and shoring up negotiations with Japan and the European Union.
That does not mean that a trade deficit causes economic growth to slow; indeed widening trade deficits are associated with economic booms, and narrow deficits with recessions.
Wouldn't use upcoming NAFTA negotiations with Mexico and Canada to deal with disputes over foreign currency policies or to discuss meeting numerical requirements for bilateral trade deficits.
Textbooks predict that Mr Trump's plans to boost domestic investment will probably lead to larger trade deficits, as it did in the Reagan boom of the 1980s.
Its oil bill is now in the region of $1 trillion and countries such as Indonesia and India which already have trade deficits, are beginning to struggle.
Neither the G-7 nor the G-20 have helped the U.S. address the issue of economic policy coordination to reduce its systematic and excessive trade deficits.
New trade deals on top of a restructured NAFTA could help reduce trade deficits and boost domestic production as well, but America's negotiating strategy needs an overhaul.
Trump would like to see American consumers buy domestic cars and trucks, and has said he believes trade deficits represent a "bad deal" for the United States.
Trump foreshadowed the risk that those talks could be tense, tweeting on Thursday that the United States could no longer tolerate massive trade deficits and job losses.
He then suggested it was the business-friendly (and historically GOP-supported) policies pushed by those lobbies that created the trade deficits he was tasked with narrowing.
"I think almost any economist would tell you that there's no real meaning to bilateral trade deficits, and it's not an appropriate objective of policy," Yellen said.
His China trade policy is failing, and unless he addresses an overvalued dollar and tackles China's fundamental currency undervaluation, America will keep racking up larger trade deficits.
The renegotiation of the 23-year-old NAFTA was a key campaign promise of U.S. President Donald Trump, who pledged to shrink trade deficits with other countries.
Trump, who has long railed against "unfair" trade deficits and advocated for more protectionist trade policies, is increasingly exercising that power during his second year in office.
Mirroring those events, increasing trade deficits will continue to raise American net foreign liabilities and political tensions with key trade partners, such as China, Japan and Germany.
Alas, protectionist efforts to reduce America's trade deficits and to restrict cross-border flows will harm the very people that trade skeptics claim to want to help.
For example, he has constantly complained about trade deficits — when the value of what the country imports exceeds its exports — spouting off the amount with each country.
The Treasury Department determines whether a country should be labeled a currency manipulator based on bilateral trade deficits and signs that a country is depressing its currency.
The reason America runs persistent trade deficits isn't that we've given away too much in trade deals, it's that we have low savings compared with other countries.
What there is is Negotiations going on with North Korea over Nuclear War, Negotiations going on with China over Trade Deficits, Negotiations on NAFTA, and much more.
Beijing's latest move could assuage concerns from many European countries and developing nations about their own trade deficits with China as well as loss of manufacturing jobs.
"We have $151 billion in trade deficits with the EU and on top of that, they kill us with NATO," Trump said referencing the budding trade war.
But this administration is very much focused on bilateral trade deficits, as the measure as to whether an economic relationship with a country is working or not.
Supporters of Trump's move, meanwhile, argue that trade relationships have been unfairly slanted against the U.S. for too long, creating trade deficits and wiping out American jobs.
The United States on Monday said reducing its trade deficits is a top priority for revamping the North American Free Trade Agreement (NAFTA) with Canada and Mexico.
Trump has repeatedly described trade deficits — which mean one country imports more goods and services from a trading partner than it exports to that nation — as "losing" money.
"The idea of larger trade deficits colliding with protectionist shifts in policy is a very worrisome development for the U.S. and for the broader global economy," added Roach.
As President Donald Trump looks to promote his economic policies, his administration is looking into new ways to calculate U.S. trade deficits, according to The Wall Street Journal.
Earlier on Tuesday at a working lunch with the Baltic leaders, he noted that he had campaigned against trade deficits and was taking aim at them, with China.
That distinctive approach is deployed in the service of two fixed ideas: that trade deficits are bad, and that foreigners should pay for American protection of their countries.
He has an urgent task of preventing the erosion of the country's growth by huge trade deficits — subtractions from American GDP that are depressants of jobs and incomes.
Mr. Bernanke, a former chairman of the Federal Reserve, said countries that run persistent and unjustified trade surpluses — not trade deficits — must be urged to change their ways.
When it comes to economics, she said Monday that Trump misunderstands some fairly elementary concepts, citing his stance on reducing trade deficits with China and other global partners.
Currency policy was also in focus, after an administration official told Reuters that "misalignment" was seen as more significant than "currency manipulation" as a cause of trade deficits.
The Trump administration is considering changing how U.S. trade deficits are calculated, a move that would make the deficit look larger on paper, the Wall Street Journal reported.
USTR released the list of trade irritants in 63 countries just after senior Trump trade officials announced an executive order to study the causes of U.S. trade deficits.
"Our strategy must take aim at the right problems, not trade deficits," said Donohue, who didn't directly address the Trump-Trudeau feud, in a release from the Chamber.
They're workers, too, and the cost of persistent trade deficits in terms of job losses and the economic "shampoo cycle" — bubble, bust, repeat — makes this a raw deal.
Trump has been focused on reducing U.S. trade deficits with other nations, a metric most economists say does not fully portray the fairness of terms between two countries.
In an interview with The New York Times on Wednesday, Mr. Trump cited large trade deficits as evidence that global security agreements aren't worthwhile for the United States.
Speaking to Fox News over the weekend, Trump said that the EU is "possibly as bad as China, just smaller" when speaking on trade deficits with other countries.
"From Bush 1 to present, our Country has lost more than 55,000 factories, 21625,2900,220006 manufacturing jobs and accumulated Trade Deficits of more than 2202 Trillion Dollars," Trump tweeted.
Lacking in saving and wanting to grow, the U.S. imports surplus saving from abroad and runs massive current account and multilateral trade deficits to attract the foreign capital.
And we have to hope that unreformed European and Asian trade free-riders won't get a large chunk of America's bulging purchasing power through our soaring trade deficits.
And even our trade deficits are mainly a result of factors other than trade policy, like a strong dollar buoyed by global capital looking for a safe haven.
Testifying before Congress in 1960, the economist Robert Triffin observed that the dollar's global reserve status depends on the willingness of the United States to run trade deficits.
Its actions may thus call for using IEEPA, even after the United States finishes its new policy tools and sets aside lesser matters such as bilateral trade deficits.
In the Trumpian universe, trade deficits happen because we made bad deals — we let foreigners sell their stuff here, but they won't let us sell our stuff there.
Unfortunately, I think having very large trade deficits as a percentage your GDP manage-- means you're transferring wealth abroad to other countries or claims on wealth, you know?
But there's a much deeper problem: the mercantilists who are advising Trump on trade issues do not seem to have a good grasp of what causes trade deficits.
But huge trade deficits represent supplies of foreign workers entering the United States market from afar with no commensurate rise in foreign demand for what American workers produce.
With its huge budget and trade deficits, its soaring public debt and alarming deterioration of external liabilities, Washington has no room for tax cuts or higher public spending.
President Donald Trump's new approach to trade will fix the mistakes of past leaders and even out U.S. trade deficits, Republican billionaire Ken Langone told CNBC on Wednesday.
Markets don't need perfect foresight to see that the growing excess demand coming down the pike will inexorably lead to rising inflation and increasing budget and trade deficits.
"From Bush 2628 to present, our Country has lost more than 28500,6900 factories, 2628,28503,22019 manufacturing jobs and accumulated Trade Deficits of more than 12 Trillion Dollars," Trump tweeted.
What started as a conflict over tariffs and trade deficits has spread to conflicts over investment, advanced technology exports and imports, intellectual property, trade secrets and, now, currencies.
Navarro, who is a fervent opponent of trade deficits, has argued in favor of the U.S. leaving NAFTA and imposing tariffs on our main trading partners, including China.
Pence said that not only does the U.S. run "$500 billion trade deficits" with China, the country also loses almost as much in intellectual property theft every year.
But huge trade deficits represent supplies of foreign workers entering the United States market from afar with no commensurate rise in foreign demand for what American workers produce.
There also has been no sign of a third pending report, examining the causes of significant bilateral trade deficits, which was also due by the end of June.
Echoing the argument he presented in a Financial Times op-ed, Roach said that to address the United States' trade deficits, trade officials must also address the savings deficit.
U.S. President Donald Trump has threatened to impose up to $150 billion in punitive tariffs to lower trade deficits and combat what he calls Beijing's misappropriation of American technology.
Trump said in a tweet on Thursday that the meeting would be "a very difficult one" as the United States could not risk massive trade deficits and job losses.
U.S. Commerce Secretary Wilbur Ross said that Washington could no longer sustain inflated trade deficits with its trading partners, according to a statement issued last week by the department.
So, there it is: The Fed is trying to offset downward growth pressures from (a) restrictive fiscal policies, (b) large foreign trade deficits and (c) structural labor market problems.
Fueling this bipartisan hysteria is the widespread failure to understand that United States trade deficits generally add capital to our economy — more factories, more R & D or more machines.
I wonder how many people know – or care – that during the twelve months to June, trade deficits took half a percentage point from the growth of our domestic demand.
Traditionally, economic hegemons are consumer-centric economies which create demand in other places by buying lots of goods from abroad, and which often run trade deficits as a result.
The era of free trade eventually led to large trade deficits with countries with comparatively productive factories to ours but with much lower wages, most notably Mexico and China.
Where the crisis countries of the 23.3s ran persistent trade deficits, China kept its current account in surplus; thus adding to, rather than draining from, its foreign-exchange reserves.
In this mainstream Republican view, the role of a superpower is to endure trade deficits to help its less powerful allies and keep the global order prosperous and stable.
Indeed, a substantial reduction of our large trade deficits is the only fast and safe way of providing support to American economy in an environment of reasonable price stability.
The USTR released the list of trade irritants in 63 countries just after senior Trump trade officials announced an executive order to study the causes of U.S. trade deficits.
The first calls for a 90-day study by the Commerce Department into the causes of U.S. trade deficits, the results of which would be used to formulate policy.
The Trump administration has vowed to renegotiate NAFTA on terms that would reduce U.S. goods trade deficits of $63 billion with Mexico and $11 billion with Canada last year.
There are very real questions about the ways trade deals have sped up a decline in American manufacturing, pumped up trade deficits and pressured wages down across the board.
But business leaders and lawmakers cautioned the White House that there are many reasons for trade deficits and they don't always reflect the  the condition of the U.S. economy.
Since the 1990s, though, Japan's growth has been mostly flat, and trade friction much more subdued, even as the United States continues to run large trade deficits with Japan.
"Inflation worries and concerns about the U.S. fiscal and trade deficits will keep the dollar on the defensive," said Masashi Murata, senior strategist at Brown Brothers Harriman in Tokyo.
And the president has been slow so far to take action against China, which is both the largest source of U.S. trade deficits, and the world's biggest trade cheater.
"We know the current U.S. administration has a different position on international trade than previous administrations, particularly with countries with which the U.S. sustains large trade deficits," he said.
In making their case, they point to large, persistent trade deficits, as well as state-owned banks funding potential rivals to American giants in high tech and advanced manufacturing.
And Mr. Trump may think a tariff-induced trade war would reduce our trade deficits, as he gleefully tweeted the day after the announcement, but don't count on it.
And countries in the region do not seem willing to accept the large annual trade deficits in manufactured goods that have made the American market particularly attractive for China.
Economists also expect the tax bills to lead to bigger trade deficits because the government would be forced to borrow more to pay its bills, driving up interest rates.
Trump has used trade as the basis for his foreign relations, seeking to reduce trade deficits around the world while employing tactics like tariffs that have roiled global markets.
On Monday he depicted chronic trade deficits as a threat to national security and said the Trump administration would seek to "reclaim" parts supply chains that had moved overseas.
Instead, we've been eating our seed corn and running massive domestic and trade deficits that have turned us from being the world's largest creditor into the world's largest debtor.
Trump has remained defiant, declaring that trade wars are "good and easy to win," and arguing that the tariffs are necessary for national security and to balance trade deficits.
Why it matters: Per Axios' Neal Rothschild, President Trump's trade war has led to bigger trade deficits with China, even though it was intended to improve the trade balance.
The senator — who has spoken out on the issue before — said that instead of worldwide tariffs, the U.S. should focus on China in its attempts to address trade deficits.
He's been interpreted as anti-trade, [but he's saying] we don't need massive trade deficits and we need better-negotiated deals and to enforce the deals that we have.
Trump frequently attacked multilateral trade deals as a presidential candidate, contending that "unfair" trade relationships with allies have hurt U.S. workers and citing hefty U.S. trade deficits as evidence.
If you're confused by all this talk of trade deficits, fear not — the second-grade kid in the clip above is here to break it all down for you.
He said the findings would "form the basis for decision-making by the administration" on how to approach trade deficits in the future, including in a renegotiation of Nafta.
Trump has said repeatedly that the U.S. has gotten a bad deal in NAFTA and he wants to see more benefits for America, including a decrease in trade deficits.
Trade deficits are primarily a function of an economy's macroeconomic policies, which affect how much it saves versus how much it invests, and movements in its currency's exchange rate.
That would avoid trade deficits simply being redistributed to other parts of the world, which in turn could simply kill U.S. trading partnerships without fixing their inherent problems, he said.
In June, Malaysian bond markets led with $1.65 billion of foreign sales, while Indian bonds saw $1.6 billion of outflows due to concerns over its high inflation and trade deficits.
Trump, who wants to address grievances such as intellectual property theft, forced technology transfers and trade deficits, pushed China to make a deal ahead of its retaliation on Monday morning.
The economic problem with China is clear and simple: America's intolerably high trade deficits, China's allegedly illegal trade practices and reportedly a limited access of U.S. firms to Chinese markets.
U.S. President Donald Trump has repeatedly threatened to scrap the trade agreement if it cannot be renegotiated to shrink U.S. trade deficits and return manufacturing jobs to the United States.
We would then be looking at runaway trade deficits, increasing foreign debt, falling dollar, sharply rising inflation and a prelude to a recession of ex-ante unknowable amplitude and duration.
China has responded with $110 billion in tariffs on U.S. goods, as the two sides grapple over issues including trade deficits, alleged Chinese intellectual property theft and forced technology transfers.
Trump has long vilified NAFTA as draining millions of manufacturing jobs to Mexico and has vowed to quit the pact unless it can be renegotiated to shrink U.S. trade deficits.
According to the standard method for measuring the economy's size and expansion or shrinkage, the kinds of rising trade deficits the nation has run since the 1970s subtract from growth.
Top of the agenda: how to put more pressure on North Korea to drop its nuclear weapons program, and the nagging trade deficits the U.S. has with all five nations.
The adviser said he would not rule out declaring China a currency manipulator or levying tariffs on Chinese goods as a means of reducing massive U.S. trade deficits with China.
But Trump said the meeting will be "a very difficult one" in a Thursday tweet and said that the U.S. could no longer tolerate massive trade deficits and job losses.
"I would strongly contest whether emphasizing trade deficits is the real metric for how our relationship should be measured," Juan Carlos Baker, Mexico's deputy minister of foreign trade, told reporters.
Signed: April 29, 2017 The order directs Secretary of Commerce Wilbur Ross to review all U.S. trade agreements, as well as relations with countries that run trade deficits with America.
Trump set the tone for a tense first meeting with Chinese President Xi Jinping next week by tweeting the U.S. could no longer tolerate massive trade deficits and job losses.
Or, rather, can we bet that President Donald Trump understands that his days in office are numbered unless he drastically reduces trade deficits and the costs of the military overreach?
"The first bullet point shows their preoccupation with bilateral trade deficits and that's unfortunate," said Chad Bown, a senior fellow and trade expert at the Peterson Institute for International Economics.
By definition, this would result in a "capital surplus" and therefore an increase in foreign investment in the U.S. This is a necessary result of trade deficits, again by definition.
Trump says what proves those deals are so horrible is that the U.S. has trade deficits, meaning it imports more from some trade partners than it exports to those nations.
He said that because the world essentially operates on a dollar standard, similar to the previous gold standard, the U.S. can finance its trade deficits indefinitely, while other countries can't.
But late last week, the billionaire politician tweeted that he anticipated a "very difficult" meeting with Xi. "We can no longer have enormous trade deficits... and job losses," he wrote.
Data: Bureau of Economic Analysis Trump's blindspot: The president sees trade deficits as evidence of the United States losing, and appears to want to reduce this number whatever the consequences.
Germany is concerned that the U.S. administration's push to fix the causes of U.S. trade deficits and to clamp down on countries that abuse trade rules could hurt its exporters.
Adjustments of U.S. trade policies to meaningfully reduce damaging and dangerous trade deficits should be based on WTO and IMF rules governing the correction of systematic and excessive trade imbalances.
Among these are rules of origin, a chapter in which the Trump administration wants more substantial U.S. content in autos, the main source of trade deficits with Canada and Mexico.
The Treasury Department determines if a country should be labeled a currency manipulator based on bilateral trade deficits and signs that another country is depressing the value of its currency.
MANY DO NOT AGREE WITH THE WAY YOU FRAME THE ISSUE THAT WE NEED TO ADDRESS UNFAIR PRACTICES IN TRADE BY TARGETING SOME OF THE DOLLAR AMOUNTS IN TRADE DEFICITS.
This is another reason why one has to be very careful when talking about bilateral trade deficits rather than the trade deficit with respect to the rest of the world.
Roach explained that while the preliminary agreement addresses the bilateral trade deficit between the Washington and Beijing, it fails to recognize the United States' existing trade deficits with other countries.
The only way the U.S. has been able to grow is borrowing surplus savings from other countries, running massive current account and trade deficits to attract foreign capital, Roach said.
The Trump administration's unshakable focus on reducing America's trade deficits, and the president's repeated threats to dissolve the deal altogether, could exacerbate the already-strained relationship among the three nations.
But it will be a hard slog to reach a fourfold increase of current monthly exports to China to meaningfully narrow annual trade deficits of $350 billion to $400 billion.
In a related vein, Trump again voiced his determination to rein in trade deficits with China and South Korea, which he blamed on "horrible" trade deals negotiated by previous administrations.
Trump and more ideological members of his team will continue to espouse an aggressive protectionist agenda that zeros in on countries with which the United States has large trade deficits.
Fiscal stimulus directly raised trade deficits by boosting overall spending, and the fiscal-monetary collision raised interest rates, pushing up the dollar and shifting spending from U.S. to foreign goods.
Trump's tariff threat upended trade talks with Beijing just as the White House touted progress toward a final agreement to resolve U.S. grievances such as intellectual property theft and trade deficits.
Trump, who has taken a harsh stance on China's trade practices, last week tweeted that the meeting "will be a very difficult one", citing massive trade deficits and American job losses.
President Trump has done what any president should do – he's made it clear that America will not allow the unfair trade practices that have led to enormous trade deficits to continue.
In the first nine months of this year, the growth of the gross domestic product was lower than the growth of domestic demand as a result of increasing U.S. trade deficits.
This is simple and clear: America's economic growth and inflation are results of Fed's efforts to strengthen the recovery against the headwinds of a restrictive fiscal policy and growing trade deficits.
"The simple fact is that most of the trade deficits the U.S. has with nations like Vietnam and South Korea are structural, and actually small, to be brutally honest," Kazianis said.
Mr DiMicco, a former CEO of Nucor, a big steelmaker, says: "The era of trade deficits is over," predicting that the threat of tariffs can be used to achieve balanced trade.
But Trump's nonchalant language about how easy it is win a trade war and his single-minded fixation on trade deficits suggests he might be underestimating the costs of his strategy.
The Trump administration says it hopes the duties will force Mexico to curb illegal immigration — though Trump cited manufacturing jobs and trade deficits as motivation for the tariffs in Friday tweets.
Whether trade deficits are good or bad, trade deals are best seen as a way of raising trade flows in both directions, rather than an instrument for turning deficits into surpluses.
The administration's trade wars unleashed uncertainty and slowed global economies around the world, but they have not put an obvious dent in U.S. trade deficits - something Trump said he would eliminate.
But, again, the U.S. must make a G-7 deal with Europe and Japan to cut its trade deficits through economic policy coordination and reciprocal measures to address market access issues.
Markets cannot expect the Fed to do more in a totally unbalanced policy mix, undermined by unsustainably large trade deficits and a fiscal policy firing up a soaring American public debt.
In fact, by deliberately gaming the system, it has created staggering trade deficits with its chief geostrategic rival – the U.S. How much more evidence of Beijing's bad faith do we need?
If trade deficits result from the fact that, you know, people confuse the lack of competitiveness with unfair trade, then innovation and productivity is the key here and not additional tariffs.
Trump said negotiators for the United States and Japan are making progress in his drive to rebalance their trade relationship in a way that reduces chronic U.S. trade deficits with Japan.
And if the president's goal, as he has said, is reducing trade deficits, then reducing imports, in part with the help of tariffs, would have to be part of that equation.
And the Trump administration has not yet decided on the specific policies it will use to make good on campaign pledges to shrink U.S. trade deficits and grow American manufacturing jobs.
Trump and his top administration officials remain steadfast on his protectionist trade policies, arguing that growing trade deficits prove the United States has been losing on the global stage for years.
Trump and his top administration officials remain steadfast on his protectionist trade policies, arguing that growing trade deficits prove the United States has been losing on the global stage for years.
"The United States has trade deficits with many, many countries, and we cannot allow that to continue," Trump said in June in a meeting with South Korean President Moon Jae-in.
The Trump administration has defended its decisions, citing national security, U.S. trade deficits with many partner countries, and a need to make other economies "play fair" when it comes to trade.
Partly as a result of that, the U.S. continues to make half-a-trillion dollar net annual contributions to the growth of global demand, output and employment through its trade deficits.
President Donald Trump has repeatedly voiced his concerns about his country's trade deficits with several countries including China, and his administration is attempting to open up China's economy to U.S. companies.
The huge trade deficits we run with trading partners like China mean that it's those countries which are dependent on America's competitive weakness to create jobs, not the other way around.
O'Sullivan says that this is about making more data available that will paint a more sophisticated picture of U.S. trade, not asking the Census Bureau to stop reporting official trade deficits.
A report last year by the Economic Policy Institute, a nonpartisan think tank, found that trade deficits with South Korea cost in excess of 95,000 American jobs from 2011 to 2015.
"From Bush 1 to present, our Country has lost more than 55,000 factories, 6,000,000 manufacturing jobs and accumulated Trade Deficits of more than 12 Trillion Dollars," the president wrote on Twitter.
That would raise productivity growth, lower unit labor costs, increase the competitive standing and cut down excessive trade deficits culminating last year at nearly 6% of an essentially stagnating GDP growth.
Instead, people involved in planning meetings have said they were anticipating an event long on symbolism and short on substance meant to signal China's willingness to narrow trade deficits and openness.
SO THE EUROPEAN DEFICIT ALONE IS OVER A MILLION JOBS WE DON'T HAVE IN AMERICA HERE, AND THAT'S ANOTHER REASON WHY THESE TRADE DEFICITS REALLY AREN'T WORKING FOR THE AMERICAN PEOPLE.
Somehow the NAFTA renegotiation may need to include a provision that at least has the appearance of addressing trade deficits, in order to satisfy Trump and a couple of his advisers.
Mr. Trump has promised an ambitious agreement that would address ever-rising American trade deficits with China at a time when Beijing poses a growing geopolitical challenge to the United States.
The president, who has railed over trade deficits with other countries, views his protectionist trade moves as key to his base and has grown increasingly frustrated with the leaders over their critiques.
"The U.S. is preoccupied with trade deficits, China is more concerned about its long-term drivers of economic growth," said Hannah Anderson, global market strategist at J.P. Morgan Asset Management on Monday.
If this were just about bilateral trade deficits with China, the U.S. could easily sell more agricultural and energy products to China and narrow the gap by hundreds of billions of dollars.
It could achieve about 3 percent growth by adopting Trump's proposals to roll back some business regulations, expand domestic energy production, reduce U.S. trade deficits and rebuild crumbling domestic infrastructure, he said.
The ensuing increases in our trade deficits would erode the beneficial impact of the economic stimulus, while increasing our foreign debt and putting pressures on whatever is left of our manufacturing industries.
Picked by Trump to lead an agenda aimed at shrinking U.S. trade deficits with China and Mexico, the 79-year-old Ross is estimated by Forbes to be worth about $503 billion.
In spite of threats and hostile tweets, U.S. trade deficits with Europe and Japan rose at an annual rate of 11.5% and 27%, respectively, during the first five months of this year.
But such flows tend to occur slowly and incompletely: a blessing, perhaps, for the Trump administration, given the massive trade deficits that would result from a rapid, large-scale influx of capital.
This is really a statement that I make about all trade: For many, many years the United States has suffered through massive trade deficits; that's why we have $20 trillion in debt.
"Canada maintains discriminatory and burdensome nontariff trade barriers impeding U.S. wine exports," Tom LaFaille, vice president and international trade counsel for the wine group said in the letter commenting on trade deficits.
The U.S. has also sought help from allies as it tries to reach a deal to reduce trade deficits with China and stop alleged theft of U.S. intellectual property by Chinese companies.
Unlike the decline in coal, some of the long-term decline in manufacturing employment can be attributed to rising trade deficits, but even there it's a fairly small fraction of the story.
Growing United States trade deficits with these countries now account for most of the five million manufacturing jobs — and nearly 203,000 factories — lost in the United States in the past two decades.
For instance, border adjustment likely doesn't raise any money in the long run; it only raises money when there's a trade deficit, and conventional economic models say trade deficits can't last forever.
The key idea is that if Mr. Trump really wanted to reduce our trade deficits in a major way, he would have to have to rethink the very underpinnings of global finance.
President Donald Trump's focus on trade deficits being a "bad deal" for the United States is no way to get a trade agreement, conservative economic analyst James Pethokoukis told CNBC on Thursday.
Bozzella told CNBC that imposing "tit-for-tat" tariffs on major trading partners like Europe was a poor way for the U.S. to cope with its trade deficits in the auto industry.
He is also being lectured on taking the huge trade deficits with equanimity because it's all America's fault: Just a matter of national account imbalances owing to the large savings-investment gap.
And then, think of this: The U.S. is now running huge trade deficits with countries refusing to finance the American trade gap by recycling their dollar income in purchases of Treasury's securities.
The EU's statement comes on the eve of a trade expo that Beijing hopes to use to signal its willingness to narrow trade deficits and assuage outside concern about its trade practices.
On the trade front, one of the main focus for President Donald Trump's administration has been to reduce trade deficits with countries and that included renegotiating some of the existing trade agreements.
Looking for a negotiated settlement of American trade deficits with China and the European Union, Trump has allowed the U.S. to continue serving as the most powerful locomotive to the world economy.
Tariffs can worsen trade deficits by reducing demand for a country's products along with demand for its currency, which will fall against the dollar and make exports more expensive and imports cheaper.
He also said that Canada's proposals on autos among other issues would steer trade toward China, a country that the Trump administration has both praised and blamed for growing U.S. trade deficits.
The comments come at a time when President Donald Trump has been scrutinizing U.S. trade agreements around the world in a push to reduce trade deficits and boost conditions for American manufacturers.
JAKARTA, April 20 (Reuters) - U.S. Vice President Mike Pence said on Thursday his administration wants fairer trade with Indonesia, as Washington reviews a number of countries with which it has trade deficits.
The big picture: Trade deficits mean we buy more from a country than they buy from us, but that doesn't necessarily mean the relationship is unfair, writes Axios business editor Dan Primack.
Trump has repeatedly criticized currency manipulation by other countries with which the United States has large trade deficits, saying weaker currencies abroad give trading partners an unfair advantage and hurts American workers.
Washington's demands for change follow years of steadily rising U.S. trade deficits with China and U.S. complaints that Beijing has systematically obtained American IP and trade secrets through coercion and outright theft.
As a result of the first executive order, the Commerce Department and US trade representative will compile a thorough accounting of the US's trade deficits with its top trading partners within 90 days.
It is also incredible to see that nothing is being done to reduce American trade deficits with Europe and Japan — a total of $221.9 billion in the first 10 months of this year.
President Donald Trump has repeatedly complained about large trade deficits the United States runs with many countries, in particular with manufacturing export powerhouse Germny, and has threatened Europe with punitive tariffs in response.
Tuesday's remarks reflect Tokyo's hopes that others would join Japan in countering Trump's focus on getting U.S. trade deficits to narrow through bilateral trade deals, rather than on multilateral agreements now in place.
It started with the Smoot-Hawley Tariff Act, passed by Congress in 1930 – despite warnings from U.S. allies – under the guise that raising import duties would protect American businesses and reverse trade deficits.
The Trump administration says it hopes the duties will force America's southern neighbor to curb illegal immigration — though Trump cited manufacturing jobs and trade deficits as motivation for the tariffs in Friday tweets.
The persistence of large trade deficits and, except when their votes are needed, the neglect of the people and places hurt by globalization are two especially serious issues with which we must contend.
President Donald Trump has repeatedly complained about large trade deficits the United States runs with many countries, in particular with manufacturing export powerhouse Germany, and has threatened Europe with punitive tariffs in response.
Macron also wants to persuade Trump to exempt European nations from steel tariffs that are part of the U.S. president's plan to reduce chronic trade deficits with countries around the world, chiefly China.
Ross and Navarro were the two authors of a paper on economic policy that made the bizarre argument that trade deficits, by importing more than we export, "subtract" from a nation's economic growth.
No less than three prominent conservative Republican economists — Larry Kudlow, Arthur Laffer and Stephen Moore — have called out the folly and danger of raising tariffs as a tool for combatting U.S. trade deficits.
How much of the coming fiscal stimulus will benefit U.S. jobs and incomes, and how much will leak out through rising trade deficits to the rest of the world is an open question.
"If Donald Trump has his view that trade deficits with anybody have to be redressed that is a much bigger deal for Canada than the next few points on the TSX," Rosenberg said.
In a July op-ed for CNBC, Navarro and Ross outlined how America's free trade agreements with countries like China have hurt American workers, resulted in chronic trade deficits and stifle economic growth.
It's not that trade deficits (and the capital inflows that are their flip side) don't matter — but just knowing the numbers doesn't tell you much about whether they are good, bad or indifferent.
A year ago, Mr. Trump signed an executive order directing the Commerce Department and the United States trade representative to conduct a 90-day review on the causes of America's persistent trade deficits.
But the United States has yet to detail what would qualify a country for an exemption, other than a vague reference to protecting the United States' national security and reducing bilateral trade deficits.
During his five-nation tour across Asia, the president promoted business deals in Japan, South Korea and China as ways to help lower trade deficits with major trading partners across the Pacific Rim.
Except at times of mass unemployment, trade deficits aren't a subtraction from the economies that run them, nor are trade surpluses an addition to the economies on the other side of the imbalance.
But in a study he oversaw that was published as a book more than three years ago, he argued that China "cannot shoulder excessive responsibility" for reducing its trade deficits with other economies.
The situation has been deteriorating further due to budget and trade deficits caused by a fall in energy earnings which account for 60% of the state budget and 94% of total export revenue.
Europe is an even more flagrant case where the U.S. appears willing to bear annual trade deficits of $170 billion, and a much larger amount of military spending to underwrite the continent's security.
Pointing at trade deficits as indications that Americans have been ripped off — a contention dismissed by many economists — he has unleashed 225 percent tariffs on imports of steel and 250 percent on aluminum.
Trump has pledged to use the NAFTA talks to shrink goods trade deficits that stood at $63 billion with Mexico and $11 billion with Canada last year, according to U.S. Census Bureau data.
Macron also wants to persuade Trump to exempt European nations from metal tariffs that are part of the U.S. president's plan to reduce chronic trade deficits with countries around the world, chiefly China.
On March 30, a week ahead of his visit with President Xi Jinping, President TrumpDonald John TrumpO'Rourke: Trump driving global, U.S. economy into recession Manchin: Trump has 'golden opportunity' on gun reforms Objections to Trump's new immigration rule wildly exaggerated MORE tweeted "the meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits…" In Ohio, we agree with President Trump – the U.S. can no longer rack up massive trade deficits.
The human, urban and industrial wasteland left by our systematic half-trillion dollars in annual trade deficits – and their hugely depressive impact (up to an entire percentage point) on our economic growth -- cannot continue.
As the president aims to make good on campaign promises to "get tough" on U.S. trading partners, his administration is reportedly considering a major change in the way the U.S. reports its trade deficits.
While commerce secretaries rarely take the spotlight in Washington, Ross is expected to play an outsize role in pursuing Trump's campaign pledge to slash U.S. trade deficits and bring manufacturing jobs back to America.
While Commerce secretaries rarely take the spotlight in Washington, Ross is expected to play an outsize role in pursuing Trump's campaign pledge to slash U.S. trade deficits and bring manufacturing jobs back to America.
The Treasury alone — in addition to financial regulation and tax burdens – must consult on or submit its own findings on U.S. trade deficits, energy independence, anti-dumping policies, "Buy American" laws and regulatory reform.
While Trump and other officials in his administration have pegged trade deficits as a major problem and a sign that the U.S. has repeatedly signed bad trade deals, Lighthizer took a more academic approach.
Until the Trump administration changes course and addresses the fundamental savings-investment imbalance that is underlying our deteriorating trade performance, we should brace ourselves for ever increasing U.S. trade deficits in the years ahead.
The proposals to drastically reshape NAFTA to help shrink U.S. trade deficits have cast a pall over the modernization talks, leaving some participants and analysts wondering how the NAFTA partners can avoid an impasse.
On the trade front, the administration continues to vehiculate the myths that trade deficits are inherently bad, that they are caused by unfair trade practices and that protectionism is the solution to these deficits.
Weaponizing the dollar and the dollar-based international monetary system is another effort to undo the damage of America's "exorbitant privilege," compounded by Washington's related policy blunders that ignored decades of increasing trade deficits.
Last month, Trump, who has embraced an "America First" policy aimed at boosting jobs and reducing U.S. trade deficits, promised to expand domestic sales of corn-based ethanol, a key market for Iowa farmers.
Fed interest rate hikes tend to increase the value of U.S. dollar, making American exports more expensive compared to goods from other nations and widening trade deficits, a constant source of ire for Trump.
In addition to the wrongheaded notion that all trade deficits are equal, and equally bad, the president is opening this two-front trade war with China and Mexico just when we need them most.
All three have vowed to help shrink chronic U.S. trade deficits through stronger enforcement of U.S. trade laws and to negotiate deals that boost U.S. exports without leading to jobs and factories migrating overseas.
Moon has said the U.S trade deficit with South Korea was limited to products and was shrinking while South Korea continued to post large trade deficits with the United States in the service sector.
After decades of ballooning United States trade deficits under a free trade regime, maybe we should give the president a chance to experiment with his fair trade policy before questioning its — and his — wisdom.
But the United States has yet to detail exactly what would qualify a country for an exemption, other than a vague reference to protecting the United States' national security and reducing bilateral trade deficits.
He wants to rewrite international trade deals to reduce trade deficits and has taken positions that raise the possibility of damaging relations with America's most trusted allies in Europe, Asia and the Middle East.
Oh, and the stronger dollar would also mean much bigger trade deficits — a consequence of tax cuts that Republicans, strange to say, haven't advertised, even though the same thing happened during the Reagan years.
President Donald Trump attacked the economic track record of his predecessors Wednesday morning, blaming presidents dating back nearly 30 years for accumulating the trade deficits that he has railed against and pledged to reverse.
Trade deficits surely made it cheaper to import goods, and U.S. industrial production, once buoyed by world war and the reconstruction of Europe, began to decline along with (or because of) increased global competition.
Instead, the Trump administration is proposing to roll back vehicle fuel efficiency standards, a dangerous idea that will cost consumers money, kill thousands of Americans from pollution, and increase trade deficits and oil imports.
IF YOU THINK ABOUT TRADE DEFICITS, OUR VIEW IS THAT FOR EVERY BILLION DOLLARS OF DEFICIT THAT WE RUN THAT'S DRIVEN BY UNFAIR TRADE PRACTICES, BASICALLY SHIPS OFF ABOUT 6,000 JOBS TO OTHER COUNTRIES.
Preferably, solutions should be sought through negotiations, on the view that the U.S. has an unassailable case for a prompt and substantial reduction of its excessive trade deficits with the EU, Japan and China.
The two nations fought a short but intense war in the 1960s (China won) and have supported insurgencies in each other's backyards and sparred over trade deficits (China is winning that one as well).
The first round could be tense at times, as Mr. Trump has called for changes to Nafta that would dramatically reduce the United States' trade deficits with its neighbors to the north and south.
" The Trump administration budget deficits are "going to push our savings rate lower and if anything, our trade deficits are going to get bigger in the years ahead, including the one probably with China.
President Donald Trump has long vilified NAFTA as draining millions of manufacturing jobs to Mexico, and he has vowed to quit the trade pact unless it can be renegotiated to shrink U.S. trade deficits.
The U.S. administration is concerned with "specific" trade deficits in specific regions of the United States, rather than looking at trade balances overall, according to a former chief economist of the International Monetary Fund.
A rising U.S. dollar, caused in part by the deficits Trump's tax cuts have created, will do much more to dampen exports and increase imports than any trade agreement, thereby causing rising trade deficits.
It would, therefore, be quite unwise for the U.S. to accept a continuation of annual trade deficits of nearly half-a-trillion dollars to get a dubious allegiance to its competitive games with China.
During his five-nation tour across Asia, the president has promoted business deals in Japan, South Korea and China as ways to help lower trade deficits with major trading partners across the Pacific Rim.
However other economists would argue trade deficits are a red herring, and that it's actually a sign of a stronger economy that US consumers, with more money to spend, are spending more on imports.
Why it matters: President Trump's trade war has led to bigger trade deficits with China, it's dented consumer sentiment, and the International Monetary Fund has said the prolonged tensions weighed down the global economy.
And two things happened at more or less the same time: for the first time ever, the U.S. began running large peacetime full-employment budget deficits, and we began running large, sustained trade deficits.
BANGKOK (Reuters) - Thailand's pig farmers are urging the government to resist pressure from the United States to open up its $3.5 billion pork market as U.S. President Donald Trump seeks to reduce U.S. trade deficits.
Like many developing markets with current account or trade deficits, Southeast Asia's largest economy is hostage to forces outside its control, including rising U.S. interest rates, higher oil prices and the Washington-Beijing trade conflict.
The United States, Canada and Mexico are holding the fifth of seven planned rounds of talks to modernize NAFTA, which U.S. President Donald Trump blames for job losses and big trade deficits for his country.
It -- which can be illustrated just starting with the fact that President Trump loves to talk about how terrible trade deficits are while he&aposs bragging about how much foreign investment that we are getting.
"We had a NAFTA agreement that had gotten seriously out of whack, led to large trade deficits, needed modernizing," US Trade Representative Robert Lighthizer told reporters on a call after Trump hailed his bilateral deal.
Dan DiMicco, Mr Trump's trade adviser who now leads the transition team for the Office of the United States Trade Representative, told The Economist before the election that "the era of trade deficits is over".
Central bank Deputy Governor Diwa Guinigundo said trade deficits were to be expected as the government continues to spend more on infrastructure meant to support growth and strengthen the economy's buffers against global economic uncertainties.
And in addition to that we're putting a tremendous amount of money -- you saw trade deficits went down last month and everyone's trying to figure out why, well, we're taking a lot of tariff money.
Kudlow's remarks also appear to downplay the Trump administration's urgency to strike a deal with China to address trade deficits, intellectual property theft and forced technology transfers — issues Trump has railed against throughout his presidency.
U.S. trade deficits (where it imports more than it exports) with any given country are a bugbear of President Donald Trump and his trade and tariff disputes with China and the EU have reflected this.
At the end of March, on a list of 16 countries with trade deficits with the US, India ranked 13, with $13.2 billion or 1.8% of the total deficit (compared with China which contributes 47%).
While the stock markets have cheered Trump's promises of deregulation and fiscal spending, his protectionism alarms many investors and could eventually hurt the currencies of countries with large trade deficits such as the United States.
The United States has emphasized the need for changes that U.S. goods trade deficits with its NAFTA partners, but Canada and Mexico argue the deficits are the result of a low U.S. domestic savings rate.
U.S. President Donald Trump has said he favors bilateral free trade agreements over multilateral frameworks, and has vowed to take action to narrow the country's big trade deficits with nations like China, Germany and Japan.
But if escalating tariffs and tensions result in China shunning U.S. energy for, say, Russian oil and gas, the president's chance of reducing trade deficits, growing the economy, and achieving global energy dominance will suffer.
But with the Trump administration pushing a trade agenda aimed at reducing U.S. trade deficits, particularly those with China, experts said that they expect the Trump administration to consider changes aimed at deterring future manipulations.
The entire external sector of the American economy is getting worse because China, the European Union and Japan seem unwilling to allow the U.S. to reduce its unsustainably large trade deficits in an orderly manner.
The fight has mirrored his broad skepticism over trade agreements in general, with the president repeatedly citing America's trade deficits as evidence that the world's largest economy is being systematically disadvantaged by its trading partners.
The first order directs the Commerce Department to take the next three months to review the reasons for U.S. trade deficits and all violations of trade rules that harm U.S. workers across every trading partner.
In normal times, the counterpart of a trade deficit is capital inflows, which reduce interest rates, and there's no reason to believe that trade deficits reduce employment on net, even if they do redistribute it.
If he plays his cards right, Trump can remain committed to delivering on his campaign rhetoric of reducing U.S. trade deficits by forging a strategic energy plan to supply China with America's newfound energy resources.
Earlier this month, the White House issued an order effectively barring sales by Huawei, China's leading networking company, broadening the conflict away from trade deficits and toward the difficult-to-resolve issues of technological dominance.
Over the past year, tensions have escalated over issues ranging from trade deficits to technological capacity and military dominance, with bruising effect on American and Chinese companies, business executives, and even university students and academics.
"We should never focus on bilateral trade deficits or surpluses," Blinder, the former vice chairman of the Board of Governors of the Federal Reserve System under President Bill Clinton, said on "Power Lunch " on Monday.
The Trump administration also said on Tuesday that no major trading partner met its currency manipulation criteria but nine countries, including China, required close attention as Washington presses tariffs and negotiations to address trade deficits.
The other possibility, which is relevant when we have trade deficits, is that foreigners spend on capital assets in the United States, such as stocks, bonds and direct investments in plants, equipment and real estate.
Then, as Secretary of State, Hillary Clinton stood by idly while China cheated on its currency, added another trillion dollars to our trade deficits, and stole hundreds of billions of dollars in our intellectual property.
During the January to June period, the goods trade deficits with the EU and China increased 11 percent and 8.5 percent, respectively, with imports from the EU soaring 14 percent and from China 8.6 percent.
"It is interesting to note that IP/cyber was only mentioned in paragraph four of the White House statement, reflecting Trump's focus on trade deficits, " Steven Okun, senior advisor at McLarty Associates told CNBC on Monday.
"Running large and persistent trade deficits facilitates a pattern of wealth transfers offshore," Navarro writes, arguing that if this wealth comes in the form of industries critical to national defense, it could be devastating to security.
The data came as U.S. President Donald Trump foreshadowed a tense meeting with Chinese President Xi Jinping next week by tweeting on Thursday that the U.S. could no longer tolerate massive trade deficits and job losses.
South Korea's intelligence agency told lawmakers on Tuesday that drought had hit the North Korean economy which already faces difficulties such as widening trade deficits, foreign currency shortages and a deepening cash crunch due to sanctions.
The deficit rose even as Trump has put his focus on lowering the trade deficits, which the president argues reflect how the U.S. has poorly negotiated trade deals in the past, giving other countries the advantage.
Second, make a deal with Germany to cut U.S. trade deficits by boosting American exports to the EU while replacing a significant part of imports with products generated by European companies in their U.S. production facilities.
Capital inflows vital to financing Lebanon's state budget and trade deficits have been slowing for years, contributing recently to a scarcity of foreign currency and the emergence of a black market for the pegged Lebanese pound.
Seoul (CNN)President Donald Trump promised to storm the world stage with an aggressive trade agenda that would expose unfair foreign trade practices, flip US trade deficits and stop other countries from "killing us" on trade.
Although aggregate saving and investment policy sets the size of the overall trade balance, shrinking U.S. trade deficits with specific countries, and China, in particular, will allow more imports from and exports to other trading partners.
"As difficult as this has been, we have seen no indication that our partners are willing to make any changes that will result in a rebalancing and a reduction in these huge trade deficits," he said.
While Trump's goals for revising NAFTA were to shrink U.S. trade deficits, claw back lost manufacturing jobs and add new IP protections and digital trade chapters, the new pact leaves North American trade flows largely unaltered.
On one side, we have the neo-mercantilists — people like Peter Navarro, Trump's trade czar — who see world trade as a tale of winners and losers: Countries with trade surpluses win; those with trade deficits lose.
As for the trade deficits, most economists do not see any gap as money "lost" to other countries and do not agree with the president's view that the trade imbalance shows America's weakness on trade policy.
U.S. President Donald Trump has repeatedly threatened to abandon the 23-year-old pact unless it can be rewritten to reduce U.S. goods trade deficits of about $64 billion with Mexico and $11 billion with Canada.
Sectors like motor vehicles and parts, pharmaceuticals, telecommunications equipment, nonelectrical machinery (like machine tools, farm machinery and power-generating turbines) and industrial chemicals add up to nearly half of manufacturing's enormous, chronic annual trade deficits nowadays.
Many observers, including a well-known Manhattan real estate developer with a penchant for publicity, saw Japan as a nation ascendant at the expense of America, with its twin budget and trade deficits and military overreach.
If Trump wants to brag that he got Canada and Mexico to agree to incorporate reducing trade deficits as a stated objective into the treaty, then this is something they can give him essentially for free.
"We're working on a tax reform bill that will reduce our trade deficits, increase American exports and will generate revenue from Mexico that will pay for the wall if we decide to go that route," he said.
The dispute between the U.S. and China over trade deficits and surpluses is rather trivial compared to the broader philosophical differences between the world's two biggest economic superpowers, Bridgewater Associates founder Ray Dalio told CNBC on Thursday.
The salvos from China came in reaction to threats from U.S. President Donald Trump to impose up to $2100 billion in punitive tariffs to lower trade deficits and combat what he calls Beijing's misappropriation of U.S. technology.
Those who are sadly and incorrectly arguing that this does not matter should note that America's trade deficits will be added to its $8.6 trillion of net foreign debt recorded at the end of the second quarter.
Sessions delivered a full-throated denunciation of trade, arguing that America's commitment to openness was giving its citizens a raw deal: President Clinton and Obama promised our dangerous trade deficits with China and Korea would be reduced.
But the movement against Chinese interference complicates the political landscape for Trump, who has sought a trade deal with Beijing that addresses issues such as trade deficits, the alleged theft of intellectual property and forced technology transfers.
What to watch in Indiana's primary Donald Trump has made Carrier's move a central part of his speeches about trade, hitting on the nexus of lost jobs and the impact of NAFTA and trade deficits, in particular.
" Be smart: The Wall Street Journal's Greg Ip, reflecting mainstream economists and journalists, writes that trade deficits are an oversimplified and "deeply flawed gauge of trade behavior that could lead the U.S. to pick the wrong fights.
Gary Hufbauer, a trade expert at the Peterson Institute for International Economics, said the administration was probably willing to compromise on some industry-specific concerns to help reach its larger NAFTA goals of reducing U.S. trade deficits.
That is a problem, because it runs huge trade deficits with the rest of the world and needs to export more than just raw materials to provide jobs for the millions of youngsters leaving school every year.
U.S. President Donald Trump set the tone for a tense first meeting with Chinese President Xi Jinping next week by tweeting on Thursday that the United States could no longer tolerate massive trade deficits and job losses.
Washington should perhaps note that Japan is practicing very different terms of endearment with its two largest trade partners: Tokyo is making a lot of money on its U.S. trades, while running considerable trade deficits with China.
CLIFFORD E. ANDERSON Sacramento To the Editor: The biggest threat to American jobs and the American economy is not the trade deficit ("What Candidates Are Saying by Harping on Trade Deficits," The Upshot, front page, March 28).
Trump's primary objective in reworking NAFTA was to bring down U.S. trade deficits, a goal he has also pursued with China, by imposing hundreds of billions of dollars in tariffs on imported goods from the Asian giant.
Trump and Chinese President Xi Jinping will meet in Florida and the U.S. president has set the tone for a tense few days by tweeting that Washington could no longer tolerate massive trade deficits and job losses.
"We're working on a tax-reform bill that will reduce our trade deficits, increase American exports and will generate revenue from Mexico that will pay for the wall, if we decide to go that route," he said.
Neil Irwin has a good think piece on Trumpism and the trade deficit; but as Dean Baker rightly suggests, it arguably suffers a bit from being a discussion of the effects of trade deficits in normal times.
" And as The New York Times' economic correspondent Jim Tankersley has reported: "Most economists do not see the trade gap as money 'lost' to other countries, nor do they worry about trade deficits to a large degree.
The approach has irritated trade ministers in Canada, China, the European Union and Mexico, who have made clear that they would prefer the United States address its chronic trade deficits in a quieter and more collegial manner.
Trump set the tone for what could be a tense meeting at his Mar-a-Lago retreat next week by tweeting on Thursday that the United States could no longer tolerate massive trade deficits and job losses.
Mr. Trump has often threatened to pull back forces from the Pacific, wondering why he should be paying to defend Japan and South Korea, especially given the fact that the United States has trade deficits with both.
But trade deficits this year — which have reached $6900 billion and are up 2628 percent from last year — are on track to eclipse 28503 levels and will likely climb to more than $22019 billion by year's end.
And in roughly three months, Mr. Trump will very likely gain the legal authority to renegotiate Nafta at roughly the same time he receives the results of the report on trade deficits commissioned by Friday's executive order.
With the Trump administration's focus on bilateral trade deficits, coupled with a growing U.S. goods trade deficit with Korea through 85033, KORUS has unfortunately moved to the limelight as an example of a "failed" free trade agreement.
Those running for office in mid-term Congressional elections next November would do well to remember that trade deficits and inflation affect real incomes, asset values, economic activity and the mood on Main Street and Wall Street.
Why it matters: While economists agree that trade deficits aren't a good way to measure a trade relationship, they are the metric Trump fixates on, made campaign promises about and uses to evaluate relationships with other countries.
The White House earlier this year touted what it said was progress toward a deal with Beijing to address trade deficits and alleged intellectual property theft and forced technology transfers, but negotiations appeared to stall out in May.
Running large trade deficits with Germany enables German companies to recycle their dollar earnings in the U.S., killing whatever is left of jobs and incomes in our manufacturing – Detroit automakers being one of the prominent cases in point.
The Trump administration has pledged to reduce U.S. trade deficits with countries such as China, Germany and Mexico, and is looking to harness the G20 and other international institutions to help further those goals, administration officials have said.
The talks, resuming in Mexico City on Wednesday, stem from Trump's insistence that the treaty - which he views as detrimental to U.S. workers - should either be improved to narrow U.S. trade deficits with Mexico and Canada, or scrapped.
The G20 is not expected to issue a new statement after Friday's meeting, which comes amid tension between the Trump administration's plans to shrink U.S. trade deficits and IMF warnings that increasing trade barriers will stunt economic growth.
For the first time in decades, a president believes that the U.S. consistently loses from U.S.-led free trade agreements; that U.S. trade deficits mean that we "lost" and were out-negotiated; and that imports kill American jobs.
BERLIN (Reuters) - U.S. President Donald Trump's executive orders on trade deficits and import duty evasion are a sign that Washington plans to move away from free trade and international agreements, German Economy Minister Brigitte Zypries said on Saturday.
And in that kind of world it's true both that trade deficits do indeed cost jobs and that there are basically no benefits to capital inflows — we already have more desired savings than we are managing to invest.
Canada sends 75 percent of all goods exports to the United States and could be badly hit if Washington walks away from NAFTA, which Trump has blamed for American job losses and big trade deficits for his country.
The White House's unwavering focus on reducing bilateral trade deficits in manufactured goods alone has made it difficult for countries to be able to craft a deal that could benefit all sides and not just the United States.
A new study from the European Central Bank suggests that even though the U.S. runs trade deficits, a trade war would reduce demand for U.S. goods more than it would reduce demand in the rest of the world.
Mr. Prasad and most other trade experts say bilateral trade deficits are not a good measure of whether countries are living up to their promises on market access, or whether certain countries are better negotiators of trade agreements.
In part, that is because China has not yet satisfied some of the criteria required to be labeled a currency manipulator, including bilateral trade deficits and other factors indicating a country is depressing the value of its currency.
Washington's pressure on other governments to reduce trade deficits is a major focus for many countries — the U.S. Trade Representative in April warned about Jakarta's trade barriers — as is Trump's willingness to reduce his country's military footprint overseas.
If issued, the investigation would seek to determine whether U.S. trade deficits for those product lines are the result of dumping of imported products below cost and unfair subsidies by foreign governments, an official said late on Sunday.
Trump seeks to push his plan for fair trade and more manufacturing jobs back to the top of his agenda by ordering a study into the causes of U.S. trade deficits and a clampdown on import duty evasion.
The jump in South Korea's U.S. oil and gas imports comes as U.S. President Donald Trump continues to push to reduce trade deficits with the United States' major trading partners by selling more to them than it buys.
Now the always interesting Brad Setser suggests that a similar story might be unfolding now, with tax cuts feeding a rising trade deficit – an irony given Trump's obsession with trade deficits as the root of all economic evil.
Why India needs the United States One of President Trump's biggest priorities has been reducing the United States' trade deficits with countries around the world, and its $142 billion trading relationship with India is skewed in favor of India.
Trump has pledged to roll back the stricter financial regulation under the Dodd-Frank reform law enacted after the financial crisis, pursue tougher trade policies on China and Mexico to reduce U.S. trade deficits, and reduce business tax rates.
U.S. President-elect Donald Trump on Tuesday named Robert Lighthizer, an official in the Reagan administration and harsh critic of China's trade practices, to be his chief trade negotiator, responsible for better deals aimed at reducing U.S. trade deficits.
In Washington, a White House official said the United States would press Germany about trade deficits that "pose risks to global economic stability", and "would like to remove barriers ... to trade so that we can level the playing field".
"We suspect widening trade deficits and resulting subtractions from GDP growth will be a persistent feature of GDP this year as domestic demand outpaces the economy's supply potential," said John Ryding, chief economist at RDQ Economics in New York.
The Administration's obsession with trade deficits is particularly concerning in view of reports that the it's considering a discredited methodology to "cook the books" in calculating deficits and proposals to make deficits a reason for withdrawing from trade deals.
As this year's G20 chair, Japan will host discussions on ways to address imbalances through a multilateral approach, in hope of rallying support to push back against Trump's demand to fix U.S. trade deficits through bilateral deals and tariffs.
If there are to be sacrificial lambs in world trade, for Trump it is better that they reside in China, South Korea, and Germany, nations that for a change can try finding any upside to running huge trade deficits.
Trump has relentlessly criticized NAFTA for draining U.S. manufacturing jobs to Mexico, calling it "the worst trade deal ever made" and threatening to scrap it unless it can be improved to reduce U.S. trade deficits with Mexico and Canada.
As we should have learned from our experience in the 1980s, a sharp increase in the budget deficit is very likely once again to lead to a twin deficit problem in the U.S. — simultaneous large budget and trade deficits.
The proposals to drastically reshape the North American Free Trade Agreement to help shrink U.S. trade deficits have cast a pall over the modernization talks, leaving some participants and analysts wondering how the NAFTA partners can avoid an impasse.
The White House's latest executive orders kick-off a comprehensive review of U.S. trade deficits and also would start the process of implementing a framework to collect all import taxes levied on foreign exporters that break global trade rules.
Trump instructed his administration on Friday to study the causes of U.S. trade deficits and clamp down on countries that abuse trade rules in two executive orders he said would open a new chapter for U.S. workers and businesses.
Attacks on immigrants are still the central theme of the Republican front-runner's campaign, but he has opened a second front on trade deficits, which he asserts are being caused by the currency manipulation of other countries, especially China.
The key idea is that if a President Trump or any other future leader really wants to reduce our trade deficits in a major way, that leader is going to have to rethink the very underpinnings of global finance.
Instead, he slams trade deficits with other countries as inherently bad for the US economy (which isn't true) and does so in a crude, threatening way that alienates them rather than invites them into a discussion of possible solutions.
The two economic superpowers have slapped tariffs on hundreds of billions of dollars' worth of each other's goods since 2018, as the U.S. pressured China over trade deficits, alleged intellectual property theft and forced tech transfers, among other issues.
"The trade war is no longer simply about China importing more soybeans, or reducing trade deficits," Shi Donghui, director of the Shanghai Stock Exchange's Capital Market Institute told a financial forum last month after U.S-China trade talks collapsed.
" — Town hall on MSNBC "We're working on a tax reform bill that will reduce our trade deficits, increase American exports and will generate revenue from Mexico that will pay for the wall if we decide to go that route.
Since then, U.S. uranium output has bumped around historic lows, and the question of whether to lend a hand now rests with a president fond of tariffs, angered by trade deficits and eager to bail out the mining industry.
It also has pulled out of a 12-country Pacific Rim trade deal and vowed to renegotiate the 23-year-old North American Free Trade Agreement in order to help reduce the U.S. trade deficits with Mexico and Canada.
So far, the tariffs have not led to the President's desired reduction in trade deficits; instead, the Census Bureau said last week that the US trade deficit had hit a 10-year high in 2018, growing by $69 billion.
Washington is emphasizing China's promises of larger purchases of farm and other American products, even though reports of $200 billion of likely Chinese imports from the U.S. over the next two years would still leave huge American trade deficits.
Cornyn said he hopes Trump officials "can be a little more surgical in the approach" to trade, and wants the president to back away from his focus on trade deficits as the "end-all be-all" of trade relationships.
WASHINGTON (Reuters) - U.S. Trade Representative Robert Lighthizer said on Tuesday he is not focused on terminating the North American Free Trade Agreement and is only trying to negotiate an update that "rebalances" the pact to reduce U.S. trade deficits.
On Friday, Trump sought to push his crusade for fair trade and more manufacturing jobs back to the top of his agenda by ordering a study into the causes of U.S. trade deficits and a clampdown on import duty evasion.
BERLIN (Reuters) - The trade balance is only part of the current account surplus, a spokesman for the German government said on Wednesday, amid repeated complaints from U.S. President Donald Trump that the United States has large trade deficits with many countries.
WASHINGTON/BEIJING (Reuters) - U.S. President Donald Trump set the tone for a tense first meeting with Chinese President Xi Jinping next week by tweeting on Thursday that the United States could no longer tolerate massive trade deficits and job losses.
These people but -- so you have to be careful what you say because if I say that I do, I respect China and I respect President Xi but they&aposve been killing us $228 billion in trade deficits last year, 212.
Canada sends 75 percent of all its goods exports to the United States and could be badly hit if Washington walks away from NAFTA, which U.S. President Donald Trump has blamed for American job losses and his country's big trade deficits.
The tariff war was sparked by years of yawning U.S. trade deficits with China and by complaints — by the Trump administration and many independent trade experts — that Beijing was engaging in predatory and illicit practices, including the theft of technology.
But stopping the increase of trade deficits is only part of what the U.S. should have obtained had Trump succeeded in changing the selfish mercantilism of those two large economic systems that account for about one-fifth of the world economy.
He said it was too early to judge the impact of Trump's "America First" trade policy amid fears of protectionism as the United States starts renegotiating the North American Free Trade Agreement and promises to tackle its big trade deficits.
Although Washington bears a large part of the responsibility for that, the present U.S. administration may be forgiven for resorting to bilateral deals for quick relief from highly damaging trade deficits with China, the European Union, Japan, Mexico and Canada.
The president is obsessed with America's trade deficits—not just the total, of $568bn, or 2.9% of GDP, last year, but its bilateral ones, especially the yawning $375bn deficit in goods trade with China, which he wants cut by $100bn.
Renegotiation of NAFTA was a key campaign promise of U.S. President Donald Trump, who has pledged to shrink goods trade deficits that stood at $63 billion with Mexico and $11 billion with Canada last year, according to U.S. Census Bureau data.
"I respect the president and what he's trying to do — trying to level the playing field, trying to get those trade deficits down — but it always comes at the cost of agriculture," Mr. Young said in an interview with NPR.
MEXICO CITY (Reuters) - As the United States, Mexico and Canada prepare for another round of negotiations to revamp the North American Free Trade Agreement, Mexico's economy minister on Tuesday urged the parties to stop fixating on trade deficits between the countries.
By contrast, the U.S. is branded a culprit because it is trying to fight such beggar-thy-neighbor policies in a — so far — unsuccessful attempt to reduce its large trade deficits and put an end to its soaring net foreign debt.
"We're working on a tax reform bill that will reduce our trade deficits, increase American exports and will generate revenue from Mexico that will pay for the wall, if we decide to go that route," Trump told lawmakers in Philadelphia.
Trump, who has vowed to cut U.S. trade deficits, has repeatedly called out India for its high tariffs, and U.S. trade officials said scrapping the concessions would take at least 60 days after notifications to Congress and the Indian government.
The new order, if issued, would seek to determine whether U.S. trade deficits for those product lines are the result of dumping of imported products below cost and unfair subsidies by foreign governments, the official said late on Sunday in Washington.
S. trade deal, both the president and the American public should recognize that bilateral trade deficits are not of serious economic consequence, and the seemingly obvious conclusion that reducing large bilateral imbalances will lower the overall deficit is also wrong.
This lie was about a made-up trade deficit with one of our closest allies that Trump tried to use to further his obsessive (and in this case inaccurate) narrative about trade deficits and what they mean to a country's economy.
The U.S. trade representative has adhered to Trump's line that NAFTA must be rewritten to reduce U.S. trade deficits of about $64 billion with Mexico and $11 billion with Canada and started the talks with strong demands for major changes.
"In fact, our trade agreements have been successful in making it easier to sell 'Made in America' products and services, lowering and even eliminating our trade deficits in manufacturing and services, and frequently resulting in a trade surplus," he said.
Quick fact check: Trump said the U.S. has large trade deficits with both Canada and Mexico, but the trade of U.S. goods and services with Canada in 2016 (the most recent year listed) was actually a trade surplus of $12.5 billion.
And this inflow of foreign money would drive up the value of the dollar and lead to huge trade deficits: according to my analysis of the most optimistic forecast out there, more than $6 trillion in deficits over the next decade.
In the intervening years, Mr. Lighthizer has embraced the view that countries like China, South Korea and Mexico have bent or broken global trade agreements to take business from the United States, generating worrisome trade deficits and weakening American manufacturing.
A core idea that Donald J. Trump has embraced throughout his time in public life has been that the United States is losing in trade with the rest of the world, and that persistent trade deficits are evidence of this fact.
WASHINGTON (Reuters) - U.S. President-elect Donald Trump on Tuesday named Robert Lighthizer, an official in the Reagan administration and harsh critic of China's trade practices, to be his chief trade negotiator, responsible for better deals aimed at reducing U.S. trade deficits.
The initial discussions put deep political divisions into harsh relief, with the United States representative, Robert Lighthizer, saying that the agreement had fundamentally failed to bolster American economic interests and had led to trade deficits that are unfair to American citizens.
So, as always, the U.S. will continue to be the pace-setter of the global economy at the cost of its half-a-trillion dollar trade deficits serving as net contributions to jobs and incomes in the rest of the world.
In two executive orders, Mr. Trump called for tighter enforcement of tariffs imposed in anti-dumping and anti-subsidy trade cases, as well as a comprehensive review of the United States trade deficits — measures that reflect America's economic tensions with China.
AF: There is a sense amongst some, that the WTO is under threat right now, given the rhetoric that's coming out of the White House, essentially Washington saying, we're going to after these trade deficits, regardless of how it is achieved.
Since the 1970s, the U.S. service sector has produced a trade surplus, which has grown to a little over 1 percent of GDP, so the international flows financing government deficits have been offset by trade deficits in the goods sector.
As President Donald Trump pursues an "America First" agenda aimed at reversing chronic trade deficits with China, Mexico, Germany and other major trading partners, some are concerned his administration could back away from pledges to maintain an open global trading system.
It would be hard to underestimate the stakes for global growth, given the size and inter-dependence of these two economies, if the focus remains on tariffs and trade deficits rather than on how to secure open markets and raise productivity.
It's in the details of that $48.5 billion gap between what the United States exported and what it imported, though, that you see why the economy is more complex than the "trade deficits are bad" framing of the Trump administration.
The president has focused much of his energy on talking about trade deficits, but economists say he seems to sometimes misunderstand them, and he's never laid out an exact picture of what, in his mind, constitutes a good trade deal.
Global policymakers have raised concerns over U.S. President Donald Trump's "America First" agenda that aims to slash U.S. trade deficits, via which Washington appears to be walking away from or extensively renegotiating multilateral trade arrangements in favour of country-by-country deals.
In the meantime, other countries and international agencies will continue to use the same methodology to track the volume of goods and services in and out of the U.S. But the change could let Trump tell a different story about U.S. trade deficits.
The document signals that the administration may try to push the limits of what is acceptable under WTO rules in its quest to make good on campaign promises to slash U.S. trade deficits with China and Mexico, and bring home manufacturing jobs.
Had China's government not flooded its economy with stimulus, or had America not supported global production by running vast trade deficits, then the boost to demand needed to put Europeans back to work, and get them spending again, might never have materialised.
The G-20 meeting, scheduled for late June in Japan, could be an opportunity for the U.S. to begin reducing its trade deficits — large subtractions from its aggregate demand — by leading the way to an appropriate economic policy coordination on a global scale.
It is true that we run trade deficits with several other countries, but as a percentage of GDP, the U.S. current account deficit with other nations, the broadest measure of trade, is at its lowest levels in decades, only 2.2 percent of GDP.
As I have argued all along, the urgency of stopping America's soaring trade deficits with China should have led to a different approach: An immediate and irrevocable limit to Chinese exports to the U.S. to the level of American exports to China.
Because market liberalism has left us with huge trade deficits, the United States relies on countries like China, Japan, and Germany to prop up our economy and sustain our financial sector by using their trade surpluses to buy U.S. government bonds or properties.
Other policies supported by the Trump administration, including a pledge to reduce U.S. trade deficits and support initiatives that will put American corporations ahead of foreign competitors, have heartened businesses and investors and raised expectations for the near-term future of business travel.
President TrumpDonald John TrumpFacebook releases audit on conservative bias claims Harry Reid: 'Decriminalizing border crossings is not something that should be at the top of the list' Recessions happen when presidents overlook key problems MORE was wrong about the evils of trade deficits.
The US runs trade deficits with Canada, Mexico and the EU when it comes to farm products, but it exports about five times what it imports from China and about 18 times what it buys from Japan, according to the Department of Agriculture.
BUCHAREST, April 20 (Reuters) - The leader of Romania's ruling Social Democrats lashed out against criticism that a surge in inflation was driven by his party's fiscal and income policies, and accused the central bank of exaggerating the impact of higher trade deficits.
WASHINGTON (Reuters) - U.S. President Donald Trump's top trade official laid down a hard negotiating line for revamping the North American Free Trade Agreement on Wednesday, saying that major changes were needed to slash U.S. trade deficits and boost U.S. content in autos.
Why it matters: That straight line upward, highlighted by the U.S. Energy Information Administration Wednesday, reflects one of the most dramatic turnarounds of an industry that affects so many corners of the American and global economies, from trade deficits to everyday drivers.
Because it would have made U.S. products less competitive, increasing the trade deficit — and a situation of persistently high unemployment is the one situation in which trade deficits really are an unambiguously bad thing, reducing the demand for domestic goods and services.
If you disrupt those networks significantly by pulling out, as President Trump publically threatened, or by demanding too much from the other partners — for example trying to eliminate U.S. trade deficits with managed trade — the costs in all three economies would be significant.
"When you don't save and you want to spend and grow, you import surplus savings from abroad and you run these massive balance of payments and trade deficits to attract the foreign capital," he told CNBC Monday at the annual China Development Forum.
The offices of USTR Robert Lighthizer and Commerce Secretary Wilbur Ross, who have been pushing for stronger trade policies to reduce U.S. trade deficits with China, Mexico and other countries, declined to comment on Bannon's departure, referring policy questions to the White House.
Mr. Li did not answer the question directly, the people said, instead responding that every country faced trade issues, and that China had its own trade deficits with a few countries, like Australia, from which it imports a lot of raw material.
To back out a little bit, Trump seems to have this understanding of trade as a zero-sum game, that it should really be about bilateral relationships, trade deficits are terrible and the United States needs to win all of the time.
WASHINGTON (Reuters) - U.S. President Donald Trump sought to push his crusade for fair trade and more manufacturing jobs back to the top of his agenda on Friday by ordering a study into the causes of U.S. trade deficits and a clampdown on import duty evasion.
America's soaring and systematic goods trade deficits with China — with 2018's estimated to reach $430 billion, for an increase of more than 20 percent from the previous year — are one of the fundamental political and security issues dividing the world's two largest economies.
More probably, the bad cop—who is, after all, in charge—will refuse to be stood down, because of his obsession with trade deficits and jobs and because Chinese leaders seem unwilling or unable to contemplate reforms that would strengthen moderate voices in Team Trump.
The officials said that the Trump administration will produce a sweeping report on the cause of U.S. trade deficits as well as plans to improve trade enforcement and the collection of billions in import taxes as part of the effort to bolster U.S. manufacturing.
Asked by Senator Maria Cantwell at his confirmation hearing whether he supports nominating new board members at the bank as part of a broad trade strategy aimed at reducing U.S. trade deficits and boosting exports, Lighthizer said that decision would ultimately be up to Trump.
The Trump administration official did not provide any details to Reuters on timing of the executive order, which would be separate from a March 31 Trump order authorizing a 90-day Commerce Department study of trade abuses and their effect on U.S. trade deficits.
Lighthizer has made no apologies about his hard negotiating line, which he has said reflects U.S. President Donald Trump's desire to claw back lost manufacturing jobs and shrink U.S. goods trade deficits amounting to $64 billion with Mexico and $11 billion with Canada last year.
Many words, but few actions The president departed for Asia with two main goals: convince other nations to step up pressure on North Korea over its nuclear program and persuade them to buy more American products in order to reverse decades of trade deficits.
WASHINGTON (Reuters) - U.S. President Donald Trump's administration is mulling changes to how it calculates U.S. trade deficits in a way that would likely help bolster political arguments to renegotiate key trade deals, the Wall Street Journal reported on Sunday, citing people involved in the discussions.
A drought crippling vital agricultural production, investor worries about Macri's ability to plug yawning fiscal and trade deficits, and higher U.S. interest rates that sucked money from emerging markets combined to deliver a series of blows to Latin America's third-biggest economy in 2018.
But the flip side of those capital inflows would be a bigger trade deficit – hardly what the proponents of tax cuts are advertising – and in any case running trade deficits on the required scale is a much more problematic thing than people seem to realize.
As the president's emphasis on trade deficits puts the United States at odds with allies — in this case at the Group of 203 leaders meeting this weekend in Canada — the trade-offs in making this an overwhelming focus of economic diplomacy are becoming more clear.
A drought crippling vital agricultural production, investor worries about Macri's ability to plug yawning fiscal and trade deficits, and higher U.S. interest rates that sucked money from emerging markets combined to deliver a series of blows to Latin America's third-biggest economy in 2018.
Administration officials have for many months signaled optimism about reaching a sweeping deal with China that addresses issues including trade deficits and intellectual property theft, and Trump told the U.N. General Assembly last week that he will not accept a "bad deal" with China.
The "good (great) news" that Trump is talking about is an economy choking on rising demand pressures that are spilling into record-high trade deficits as the Chinese and the Europeans keep rushing in to supply the goods and services America cannot produce at home.
That can be offset to a certain extent by ensuring that increasing volumes of American products are sold overseas in accordance with the rule of fair and reciprocal trade to avoid the past experience of systematic and excessive trade deficits with Europe and China.
Asked on Tuesday about his clash with Mr. Trudeau after the Group of 7 meeting in Quebec, he answered with a long list of grievances — some based on erroneous data — about the trade deficits the United States runs with Canada, Germany, and other allies.
Trump reportedly pointed to specific trade deficits, particularly in the trade of goods, as evidence that the other leaders were taking advantage of the US. Trump again presented the US as the victim of unfair trade deals during the interview with ABC on Tuesday.
Trump's executive orders initiate a large-scale review of the causes of the US' trade deficits with some of its largest trading partners and order stricter enforcement of US anti-dumping laws to prevent foreign manufacturers from undercutting US companies by selling goods at an unfair price.
The meetings this week took place as NAFTA negotiators from the United States, Canada and Mexico met behind closed doors at a downtown Washington hotel to update the decades-old accord, which Trump has blamed for American job losses and big trade deficits for his country.
Some of them are still telling the Chinese that U.S. trade deficits and rising foreign debt are pre-ordained, because even in good years American spendthrifts save barely 6% of their after-tax income, while the penny-pinching Chinese squirrel away half of what they earn.
Treasury Secretary Steve Mnuchin said Sunday that the U.S. and China -- the world's two biggest economies -- have reached a tentative deal to cut trade deficits that includes the U.S. putting China tariffs on hold, an agreement that potentially averts an economic standoff that would have global impact.
Those orders initiate a large-scale review of the causes of the US trade deficits with some of America's largest trading partners and also require stricter enforcement of US anti-dumping laws to prevent foreign manufacturers from undercutting US companies by selling goods at unfair prices.
The fine comes amid a brewing trade war between the EU and U.S. with Vestager's boss, Commission President Jean-Claude Juncker, due in Washington next week to discuss the Trump administration's threat to impose new tariffs on European cars and the president's issue with U.S. trade deficits.

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