EDITOR NOTE: In 2016, amid his campaign, Donald Trump pledged to sharply lower America’s trade deficit. But despite all of the trade battles and negotiations--namely with China and Mexico--those trade deficits hit record highs, rivalling levels seen during the 2007-2009 recession. US Trade Representative Robert Lighthizer’s response comments on this data, claiming that the current trade policies are ‘working,’ in that our trade partners are suffering more from the pandemic than we are. But what about the trade deficit?
WASHINGTON (Reuters) - U.S. Trade Representative Robert Lighthizer said on Tuesday that the higher U.S. trade deficit in 2020 has been largely due to non-monetary gold imports and that President Donald Trump’s trade policies were working despite a $67.1 billion August trade deficit that was the largest in 14 years.
In a statement, Lighthizer said the larger August trade deficit was due to the stronger performance of the U.S. economy amid the coronavirus compared to those of its G7 trading partners.
“Basically, many of our partners were more negatively affected by the pandemic than we were,” Lighthizer said in response to the Commerce Department data..
Originally posted on Reuters