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U.S. trade deficit soars to $64B, highest in 12 years

TU Curmudgeon

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From the CBC

U.S. trade deficit soars to $64B, highest in 12 years

The gap between what the United States buys from the rest of the world and what it sells widened to its highest level since 2008, as imports jumped by a record amount in July.

Data from the U.S. Department of Commerce released Thursday showed that the American trade gap reached $63.6 billion US during the month.

That's the highest figure since the same month 12 years ago, during the depths of the financial crisis.

The U.S. economy imported $231.7 billion worth of goods from the rest of the world during the month, the highest amount ever and a 10.9 per cent increase from June's level.

American exports also rose 8.1 per cent to $168.1 billion.

COMMENT:-

Expect a statement from Mr. Trump extolling the huge 8.1% jump in American exports (the highest jump in American history).
 

RabidAlpaca

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Hey conservatives, didn't you used to pretend to care about this and wasn't reducing the trade deficit one of Trump's core campaign promises?

Now, dance for us and tell us how this is really a good thing.
 

chuckiechan

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From the CBC

U.S. trade deficit soars to $64B, highest in 12 years

The gap between what the United States buys from the rest of the world and what it sells widened to its highest level since 2008, as imports jumped by a record amount in July.

Data from the U.S. Department of Commerce released Thursday showed that the American trade gap reached $63.6 billion US during the month.

That's the highest figure since the same month 12 years ago, during the depths of the financial crisis.

The U.S. economy imported $231.7 billion worth of goods from the rest of the world during the month, the highest amount ever and a 10.9 per cent increase from June's level.

American exports also rose 8.1 per cent to $168.1 billion.

COMMENT:-

Expect a statement from Mr. Trump extolling the huge 8.1% jump in American exports (the highest jump in American history).

It’s been falling with China, and much of Chinese production has been coming from other countries. Having said that it took twenty plus years to lose our manufacturing base, so don’t expect it to come back in four years.

Trump defined the problem, and took measures to rectify it in the hopes America would wake up to the damage multinationalism has done to America.

The swamp sold the soul of America to China.

What happens after Trump is gone is your problem.
 

OrphanSlug

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So much winning, the trade wars are working!... wait... ****.
 

Mr Person

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It’s been falling with China, and much of Chinese production has been coming from other countries. Having said that it took twenty plus years to lose our manufacturing base, so don’t expect it to come back in four years.

Trump defined the problem, and took measures to rectify it in the hopes America would wake up to the damage multinationalism has done to America.

The swamp sold the soul of America to China.

What happens after Trump is gone is your problem.

Trade deficits are not the problem Trumpists claim. The claims just belie a lack of understanding of the global economy. And nothing you say changes the fact that after wrongheadedly crusading against trade deficits, Trump now oversees the greatest trade deficit AND greatest increase in history.

At any rate, thanks for doing what RabidAlpaca predicted.



Hey conservatives, didn't you used to pretend to care about this and wasn't reducing the trade deficit one of Trump's core campaign promises?

Now, dance for us and tell us how this is really a good thing.

Yup. Trump fills his pants, and they know they are required to begin extolling the skin-improving virtues of feces and fecal-based beauty creams.
 

RabidAlpaca

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It’s been falling with China, and much of Chinese production has been coming from other countries. Having said that it took twenty plus years to lose our manufacturing base, so don’t expect it to come back in four years.

Trump defined the problem, and took measures to rectify it in the hopes America would wake up to the damage multinationalism has done to America.

The swamp sold the soul of America to China.

What happens after Trump is gone is your problem.

You fiscal conservatives always claim to want a completely free and unregulated market, and this is what will happen if you have that. Pure capitalism tells us that if corporations can make any more profit at all by outsourcing everything overseas, they have a duty to do so. What you guys are claiming to want with Trump a centrally controlled, nationalistic economy, which is not capitalism.

Your ideology, pure unadulterated capitalism, did this, so own it. They can get cheaper labor elsewhere so they owe it to their investors to do so, they don't owe the American worker anything.
 

George50

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It’s been falling with China, and much of Chinese production has been coming from other countries. Having said that it took twenty plus years to lose our manufacturing base, so don’t expect it to come back in four years.

Trump defined the problem, and took measures to rectify it in the hopes America would wake up to the damage multinationalism has done to America.

The swamp sold the soul of America to China.

What happens after Trump is gone is your problem.

Trump conned you! His “we don’t make anything anymore” is total nonsense!

We haven’t lost our manufacturing base! It’s been growing continually for the last 20 years with the exception of a couple of recessions. We make about 60% more stuff now but we do it with about 30% fewer people.


Manufacturing: Up? Down? | FRED Blog

And if you think the trade deficit with China is way down:

“But perhaps most tellingly, the US trade deficit with China was 4.36 per cent wider last month than it was in July 2016, when Trump was on the campaign trail raging against it. Last month’s deficit was 9.15 per cent wider than May 2016, a month when Trump accused China of “raping” the US on trade.”

US trade deficit with China wider than May 2016, when Donald Trump accused China of ‘greatest theft in history’ | South China Morning Post

And:

“The data showed the goods deficit with Mexico hit a record high in July, reaching $10.6 billion, while the goods deficit with China rose 11.5 percent to $31.6 billion.”

US trade deficit soars to 12-year high | TheHill

Sent from my iPad using Tapatalk
 
Last edited:

JoeyJoystick

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It’s been falling with China, and much of Chinese production has been coming from other countries. Having said that it took twenty plus years to lose our manufacturing base, so don’t expect it to come back in four years.

Trump defined the problem, and took measures to rectify it in the hopes America would wake up to the damage multinationalism has done to America.

The swamp sold the soul of America to China.

What happens after Trump is gone is your problem.

Like every right wing extremist The Trumpet has indeed identified many issues in society. And much like every other right wing extremist The Trumpet has not brought in viable solutions to any of them.

But the trade issue will be solved all alone all by itself and without interference of the government. As soon as AI kicks in high gear the rich countries will have robots that work better and faster than Chinese factory workers. And that will be the end of the trade deficit. The only question is; When? I have no idea to be honest, but it would be a lot quicker without Trump.

Joey
 

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Trump conned you! His “we don’t make anything anymore” is total nonsense!

We haven’t lost our manufacturing base! It’s been growing continually for the last 20 years with the exception of a couple of recessions. We make about 60% more stuff now but we do it with about 30% fewer people.


Manufacturing: Up? Down? | FRED Blog

And if you think the trade deficit with China is way down:

“But perhaps most tellingly, the US trade deficit with China was 4.36 per cent wider last month than it was in July 2016, when Trump was on the campaign trail raging against it. Last month’s deficit was 9.15 per cent wider than May 2016, a month when Trump accused China of “raping” the US on trade.”

US trade deficit with China wider than May 2016, when Donald Trump accused China of ‘greatest theft in history’ | South China Morning Post

And:

“The data showed the goods deficit with Mexico hit a record high in July, reaching $10.6 billion, while the goods deficit with China rose 11.5 percent to $31.6 billion.”

US trade deficit soars to 12-year high | TheHill

Sent from my iPad using Tapatalk

Yes, but you can’t scare the little people into voting for Wall Street’s agenda by scaring them about machines.
 

CaughtInThe

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here's the bigger question...


what have Trump Republicans NOT lied about (pretended to care about)?
 

TU Curmudgeon

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Like every right wing extremist The Trumpet has indeed identified many issues in society. And much like every other right wing extremist The Trumpet has not brought in viable solutions to any of them.

But the trade issue will be solved all alone all by itself and without interference of the government. As soon as AI kicks in high gear the rich countries will have robots that work better and faster than Chinese factory workers. And that will be the end of the trade deficit. The only question is; When? I have no idea to be honest, but it would be a lot quicker without Trump.

Joey

Interesting concept, but how are you going to cope with a REAL unemployment rate of over 75%?

Would that be time to introduce a "Basis Living Supplement" that would be paid to every American? Would that include legal immigrants who are not yet citizens?
 

JoeyJoystick

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Interesting concept, but how are you going to cope with a REAL unemployment rate of over 75%?

Would that be time to introduce a "Basis Living Supplement" that would be paid to every American? Would that include legal immigrants who are not yet citizens?

And exactly because this is inevitable, several governments in Europe are already doing tests to see how this can be dealt with. We have dealt with this multiple times over in History. Always a lot of people who were angry and went on strike. Fortunately it has never stopped development. Here too a solution will be found. But I agree with you that unemployment would skyrocket if a solution is not found.

But do not be so naïve to think that it is not going to happen because of your fear.

And the bottom line is very simple. The technology is being developed. And if you have a lot of money you will rather buy a robot than to hire people. Cheaper, more reliable and not talking back to you. Most entrepreneurs is going be delighted to be able to run a company without hiring people. Ok, it won't be that black and white, but it is going to happen.

And regarding the latter concerns you expressed, I would just like to reference history itself. Like mentioned, people have always complained about new inventions out of fear that this may reduce jobs. The reality is of course that all these inventions have helped us to get a better life. Starting with one of the first issues back a couple of hundred years ago in Britain when we started to automate the production of fabric, people were furious. Can we today imagine a world without textile being mass produced? No. Did the fears projected at the time become realized? No. And did it stop anyone from doing any further inventions? No.

People are strange, funny and interesting. Most people do not like major changes in their life. They rather stick with what they have than to explore new options. Hence it always takes considerable time to implement new changes. Whether these are technological changes or legal changes, most people will always object first. Than they will start thinking and only after that they may consider changing their minds.

Joey
 

snakestretcher

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From the CBC

U.S. trade deficit soars to $64B, highest in 12 years

The gap between what the United States buys from the rest of the world and what it sells widened to its highest level since 2008, as imports jumped by a record amount in July.

Data from the U.S. Department of Commerce released Thursday showed that the American trade gap reached $63.6 billion US during the month.

That's the highest figure since the same month 12 years ago, during the depths of the financial crisis.

The U.S. economy imported $231.7 billion worth of goods from the rest of the world during the month, the highest amount ever and a 10.9 per cent increase from June's level.

American exports also rose 8.1 per cent to $168.1 billion.

COMMENT:-

Expect a statement from Mr. Trump extolling the huge 8.1% jump in American exports (the highest jump in American history).

Buy American! (if you can find anything American to buy).
 

Torus34

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Thus far, the data available shows no improvement in our [US] balance of trade with China. Meanwhile, the 'trade war' instituted with China by the present administration has resulted in increased costs for Chinese-made goods for the US consumer.

The US Treasury, to date, has not reported any payment made to it by Mexico for the southern wall.

Regards, stay safe 'n well. Remember the Big 3: masks, hand washing and physical distancing.
 

TU Curmudgeon

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And exactly because this is inevitable, several governments in Europe are already doing tests to see how this can be dealt with. We have dealt with this multiple times over in History. Always a lot of people who were angry and went on strike. Fortunately it has never stopped development. Here too a solution will be found. But I agree with you that unemployment would skyrocket if a solution is not found.

But do not be so naïve to think that it is not going to happen because of your fear.

And the bottom line is very simple. The technology is being developed. And if you have a lot of money you will rather buy a robot than to hire people. Cheaper, more reliable and not talking back to you. Most entrepreneurs is going be delighted to be able to run a company without hiring people. Ok, it won't be that black and white, but it is going to happen.

And regarding the latter concerns you expressed, I would just like to reference history itself. Like mentioned, people have always complained about new inventions out of fear that this may reduce jobs. The reality is of course that all these inventions have helped us to get a better life. Starting with one of the first issues back a couple of hundred years ago in Britain when we started to automate the production of fabric, people were furious. Can we today imagine a world without textile being mass produced? No. Did the fears projected at the time become realized? No. And did it stop anyone from doing any further inventions? No.

People are strange, funny and interesting. Most people do not like major changes in their life. They rather stick with what they have than to explore new options. Hence it always takes considerable time to implement new changes. Whether these are technological changes or legal changes, most people will always object first. Than they will start thinking and only after that they may consider changing their minds.

Joey

Did you know that your entire post could have been reduced to

Interesting concept, but how are you going to cope with a REAL unemployment rate of over 75%?

I don't know.

Would that be time to introduce a "Basis Living Supplement" that would be paid to every American?

I don't know, but that is the general thrust of what people are experimenting with.

Would that include legal immigrants who are not yet citizens?

I never thought about that, so I don't know.
 

TU Curmudgeon

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Buy American! (if you can find anything American to buy).

BUY*AMERICAN
If it's good enough for the Chinese
it should be good enough for you.

And don't even think about the Americans
who are selling businesses to foreigners.
 

Questerr

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From the CBC

U.S. trade deficit soars to $64B, highest in 12 years

The gap between what the United States buys from the rest of the world and what it sells widened to its highest level since 2008, as imports jumped by a record amount in July.

Data from the U.S. Department of Commerce released Thursday showed that the American trade gap reached $63.6 billion US during the month.

That's the highest figure since the same month 12 years ago, during the depths of the financial crisis.

The U.S. economy imported $231.7 billion worth of goods from the rest of the world during the month, the highest amount ever and a 10.9 per cent increase from June's level.

American exports also rose 8.1 per cent to $168.1 billion.

COMMENT:-

Expect a statement from Mr. Trump extolling the huge 8.1% jump in American exports (the highest jump in American history).

“Trade deficits” are neo-Mercantilist bull****. They don’t exist.
 

JoeyJoystick

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Did you know that your entire post could have been reduced to

Interesting concept, but how are you going to cope with a REAL unemployment rate of over 75%?

I don't know.

Would that be time to introduce a "Basis Living Supplement" that would be paid to every American?

I don't know, but that is the general thrust of what people are experimenting with.

Would that include legal immigrants who are not yet citizens?

I never thought about that, so I don't know.

Did you know that I could not have posted at all?
 

Aunt Antifa

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It’s been falling with China, and much of Chinese production has been coming from other countries. Having said that it took twenty plus years to lose our manufacturing base, so don’t expect it to come back in four years.

Trump defined the problem, and took measures to rectify it in the hopes America would wake up to the damage multinationalism has done to America.

The swamp sold the soul of America to China.

What happens after Trump is gone is your problem.

He defined the problem and then created a bigger deficit. And crashed the economy.

But at least he used taxpayer money as a vote getting handout to farmers to protect them from his failed trade deal. Yay.
 

TU Curmudgeon

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“Trade deficits” are neo-Mercantilist bull****. They don’t exist.

On a VERY good day, I'd take a post like that to be intended as sarcasm.

On a good day, I'd take that a post like that to be uninformed.

On a normal day, I'd take that a post like that as being from someone who is totally divorced from reality.

Today, I feel like taking posts like that as being simply BS posted by trolls.

Mine you, those are only my opinions and should not be confused with a statement of objective reality.
 

TU Curmudgeon

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He defined the problem and then created a bigger deficit. And crashed the economy.

But at least he used taxpayer money as a vote getting handout to farmers to protect them from his failed trade deal. Yay.

Now you DO have to admit that Mr. Trump's divinely guided administration has resulted in a trade deficit that exceeds anything that the loser Barack HUSSEIN Obama managed to produce. I mean "Bigger is BETTER" - isn't it?

Besides, if you look at Mr. Trump's history of corporate management, going bankrupt is a "Good Thing" because when that happens the person who drove the operation into bankruptcy emerges with all of their gains intact but with all of their liabilities expunged. That means that <SARC>the "BEST" way of coping with America's national debt would be to drive the US into bankruptcy so that the US can write off the entirety of its outstanding debt (while keeping the benefits it gained by borrowing the money in the first place). Once that happens the US will be so solvent that the other countries in the world will be falling all over themselves to lend the US money </SARC>- right?
 

Aunt Antifa

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Now you DO have to admit that Mr. Trump's divinely guided administration has resulted in a trade deficit that exceeds anything that the loser Barack HUSSEIN Obama managed to produce. I mean "Bigger is BETTER" - isn't it?

Besides, if you look at Mr. Trump's history of corporate management, going bankrupt is a "Good Thing" because when that happens the person who drove the operation into bankruptcy emerges with all of their gains intact but with all of their liabilities expunged. That means that <SARC>the "BEST" way of coping with America's national debt would be to drive the US into bankruptcy so that the US can write off the entirety of its outstanding debt (while keeping the benefits it gained by borrowing the money in the first place). Once that happens the US will be so solvent that the other countries in the world will be falling all over themselves to lend the US money </SARC>- right?

I don’t know what he failed harder at: trade or jobs.
 

prometeus

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It’s been falling with China, and much of Chinese production has been coming from other countries. Having said that it took twenty plus years to lose our manufacturing base, so don’t expect it to come back in four years.

Trump defined the problem, and took measures to rectify it in the hopes America would wake up to the damage multinationalism has done to America.

The swamp sold the soul of America to China.

What happens after Trump is gone is your problem.
What a load of Trump ass kissing retarded crap. Took measures by increasing to the highest since before Obama.
 

Questerr

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On a VERY good day, I'd take a post like that to be intended as sarcasm.

On a good day, I'd take that a post like that to be uninformed.

On a normal day, I'd take that a post like that as being from someone who is totally divorced from reality.

Today, I feel like taking posts like that as being simply BS posted by trolls.

Mine you, those are only my opinions and should not be confused with a statement of objective reality.

I’m being completely serious. “Trade deficits” don’t exist. The only way people can assert they do is by engaging in mercantilism and claiming that currency is a special magical thing rather than just being another thing of value to be traded along with goods and services.

In the mercantilist’s mind, we trade X value of goods and services to China and receive Y value back, without factoring in the movement of currency as well. The “goal”, like the mercantilists of Adam Smith’s day, is to minimize the outflow of “gold”, because gold/currency is a special beast.

In reality, we trade X value of goods, services, and currency to China and receive X value back. Trade with China is an aggregate of individual deals made by merchants. If those deals weren’t already equal (IE if the merchants involved weren’t getting what they considered an acceptable value for their trade), then the deals wouldn’t happen.
 
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