President Trump cites the deficit as evidence of the failure of his predecessors’ trade policies, but it's still more than 20% wider than before his presidency.
Whatever the economic loss may be from the coronavirus, the hit to the world will be harder than what was felt from SARS because China’s role in the global economy is greater.
Even with the trade tensions, oil was a chief force behind the narrowing of the full-year deficit. Petroleum imports dropped $31.4 billion to $193.9 billion while exports increased, narrowing the full-year gap in such products to a record-low $13.7 billion. On a monthly basis, the U.S. has been a net exporter since September.
On Jan. 29, Trump signed a new trade pact with Canada and Mexico into law, extending the life of the trading bloc created by the North American Free Trade Agreement in the 1990s with some significant updates. The White House is now turning its attention to scrutinizing trade links with other nations and regions including the U.K., Africa and the European Union. U.S.
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