the trade deficit, very dear to my heart because we ve been ripped off by the world. as we all know, america has a huge annual trade deficit with china. with mexico. with japan. $60 billion. $69 billion to $100 billion a year. a number beyond anything what anybody would understand. the days of the united states being taken advantage of are over. now, look, part of the reason for the trade deficit is that china and these other countries make a lot of cheap things that we import, and what we export happens to be more high-value goods. so there s a little bit of an imbalance, but when you look at it on a value basis, we re doing well. but the imbalance is still real, and it s gotten worse despite what we assumed were the president s best efforts or maybe because of them. take a look at the new data. this is from the census bureau. it shows the deficit hitting a ten-year high in 2018. it s up $100 billion since he
violate programs of our country. short-term politics it seems as though no one is paying any attention. they re paying attention, but they re paying more attention to the next primary. that s why you saw fiscal conservatives in your party go for a tax cut that any no matter how deeply you believe in trickle down, that s never worked, and now here we are. chris, my view on that is that frankly that tax cut should have been used to help the middle and lower income people. that s what it was called, right? secondly, the tax cut has contributed to economic growth, but it hasn t paid for itself by a wide margin. so the fact of the matter is when you re not paying for it, then you balloon the deficit, and ultimately it comes back to get you. now, this sounds like really economics and all that, the trade deficit. but here s what we need to know, particularly about our national debt. as the national debt goes up over time, the number of jobs that we have in our country goes dow
but what s the fun in that? switch to cvs pharmacy. your favorite restaurants now it doesn t matter dash. where you are. it doesn t matter what you re hungry for. it doesn t even matter how many you are. restaurants come to you. delicious at your door. download doordash. first order, no delivery fee. shrinking america s global trade deficit has been a key part of president trump s economic strategy, and it s something he s spoken about many times. listen.
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i m going to impose even more tariffs. the president s view ask basically because we have a global trade deficit, more imports to tariff than american exports for other countries to tariff. his view, because we have a trade deficit, no way to lose the trade war. of course, the issue, it s not a zero sum game. you can have economic damage in the u.s. and abroad from the trade war. interesting to see paul ryan up in arms about this. the president only has powers to impose the tariffs because previous congresses passed laws giving the president power to discretion narrowly impose tariffs in circumstance circumstances. why? you might be in a complex trade action. wouldn t want to wait to go through the long legislative process. historically presidents had a free trade orientation for several decades and hasn t been an issue. instead of using the powers the way they re supposed to. respond to specific actions from other countries. congress thinks the president is misusing that authority