The Commerce Department reported this week that the U.S. trade deficit rose to a 5 month high in May, 8.4%, $55.5 billion the highest since December 2018. The nations exports increased 2% while imports increased 3.3%. The increase in imports was mainly attributed to the import of crude oil and cellphones. The deficit in trade goods with Mexico rose 18.1% and with China it rose 12.2%. So the trade deficit continues to increase on Trump's watch despite his tariffs, his rhetoric, his tax cuts, his lies and his threats.
America still has an appetite for imported goods because America can not alone take care of her domestic needs. The void is being filled by foreign goods. Giving American business huge tax cuts and special loopholes do not result in business expansion. That should be fresh in the peoples mind since it has been reported that the Trump-GOP tax cuts were used by corporations to buy back their own stock.
Unfortunately, voters have allowed themselves to be influenced by Trump's tariffs and rhetoric. Farmers and consumers are paying the price and as of this writing, the Clinton administration had the best all around economy even though Clinton raised corporate taxes and on those making over $200,000 a year. Plus Clinton balanced the federal budget, something no republican President has accomplished since President Eisenhower in 1960,
The fact that the U.S. imported more crude oil and cellphones that added to May's trade deficit, should tell us something. Is anyone listening?
This commentary written by Joe Lorio
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