President Donald J. Trump, right, and Chinese President Xi Jinping, left. (Photo: Reuters)
President Donald Trump slammed “stupid trade” after the U.S. Census Bureau and Bureau of Economic Analysis said the trade deficit was $57.6 billion in February. That’s up $0.9 billion from $56.7 billion in January, much of it from the politically-sensitive deficit with China and Mexico.
The deficit with Mexico widened by $1.0 billion to $6.6 billion in February. Exports fell less than $0.1 billion to $21.9 billion and imports increased $0.9 billion to $28.5 billion.
The deficit with China came in at an astonishing $34.7 billion for the month.
“When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%,” President Trump tweeted. “Does that sound like free or fair trade. No, it sounds like STUPID TRADE – going on for years!”
The U.S. and China are in a tit-for-tat over billions in proposed tariffs. The Trump Administration is making good on their promise to crackdown on China over unfair trade practices and theft of intellectual property rights.
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And China wilts under Trump’s tariff “war”...
this was a no -brainer.
financial media predictably g… https://t.co/NFcJCQ4TMV