The United States’ national trade deficit shrank to the lowest level since the 2016 presidential election in recent months, with new statistics showing the export-import ratio dropped by a whopping 6.6% from April.
According to CNBC, the data released by the Commerce Department revealed the US trade deficit shrank to $43.1 billion in the month of May, the lowest levels seen since October 2016.
“May exports rose by 1.9 percent from the previous month to $215.3 billion, while imports increased by 0.4 percent to $258.4 billion,” writes CNBC. “The trade deficit is at its lowest level since October 2016, a month before the presidential election.”
The strong economic data comes on the same day as another government report showed a record number of Americans taking part in the US labor force; smashing estimates and prompting economists to raise doubts of a possible “labor shortage” in the coming months.
Read the full report at CNBC.
AMERICA FIRST: Trump SLAMS China with $60 Billion in Trade Tariffs
The Trump administration announced crippling new trade tariffs against China this week, targeting one of America’s major trading partners with over $60 billion on foreign-produced goods.
According to CNBC, President Trump signed the executive order in the White House Thursday afternoon, saying the new tariffs were “the first of many” as America struggles to shrink its massive trade deficit.
US Trade Representative Robert Lighthizer is set to publish a highly-anticipated report in two weeks; detailing over 1,300 product lines impacted by the new import tax.
“The challenge for every president is how to do it in a way that doesn’t punish Americans for China’s misbehavior,” said Chairman of the House Ways and Means Committee. “So, you’ve really got to narrow these and target these.”
The new tariff’s come as the Trump administration announced a massive tariff on steel and aluminum; charging foreign-producers a 25% import fee for access to American markets.
BEIJING BLACKLIST: China Unveils New TAXES on US GOODS After Trump’s Tariff
The Chinese government unveiled stiff new taxes on specific US products and goods this week; calling the revised policies a direct “retaliation” for President Trump’s recent tariffs on international steel and aluminum.
According to CBS News, Beijing rolled-out the increased import tariffs on American meat, fruit, and other goods Monday; adding the measures would go into effect immediately.
The new guidelines include a 25% tax on pork and other meats and a 15% tax on fruits and vegetables.
The move comes just days after President Trump slammed the Chinese government with nearly $50 billion in tariffs over what US officials described as “unfair” trade policies and “illegal” theft of intellectual property rights for decades.
“We have spoken to China and we are in the midst of a very large negotiation,” said the President last week. “We will see where it takes us. In the meantime, we are sending a Section 301 action.”
President Trump routinely slammed America’s import deficit with China and other nations throughout the 2016 race for the White House; saying world leaders were “smarter” than his predecessors in negotiating “terrible” trade deals.