Why Trump didn’t shrink the trade deficit in 2018

Tracey Samuelson Mar 7, 2019
HTML EMBED:
COPY
President Donald Trump's administration is said to be considering changes to the way the trade deficit is calculated. Ron Sachs-Pool/Getty Images

Why Trump didn’t shrink the trade deficit in 2018

Tracey Samuelson Mar 7, 2019
President Donald Trump's administration is said to be considering changes to the way the trade deficit is calculated. Ron Sachs-Pool/Getty Images
HTML EMBED:
COPY

Americans imported a record number of goods last year, according to new data from the Commerce Department released Wednesday. U.S. service exports also hit a record high. The net effect was the largest trade deficit since 2008 — $621 billion, up nearly 13 percent from the prior year. However, many economists say the U.S. trade deficit isn’t necessarily a cause for concern. In fact, last year’s growth was largely driven by a strong U.S. economy.

Click the audio player above to hear the full story.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.