President Trump Claims US Trade Deficit Down 78% from Tariffs
Donald Trump stated that U.S. tariffs have reduced the trade deficit by 78% and forecast it could turn positive within the year, marking a potential shift in trade dynamics.
Summary
On February 19, President Donald Trump claimed that U.S. tariffs on foreign companies and countries have reduced the trade deficit by 78%. He predicted the deficit would turn positive this year for the first time in decades, implying a trade surplus where exports exceed imports.
Terms & Concepts
- Trade deficit: The amount by which a country's imports exceed its exports, representing an outflow of domestic currency to foreign markets.
- Tariffs: Taxes imposed by a government on imported goods, often used to protect domestic industries or influence trade balances.