Posted on 02/07/2023 6:55:34 AM PST by FarCenter
The U.S. international trade deficit in 2022 rose to an all-time high for the third year in a row, largely because of higher oil prices and Americans’ strong appetite for new cars, cell phones and other consumer goods.
The trade gap jumped 12.2% to $948.1 billion from $845.1 billion in the prior year. Just six years ago, the deficit was half the size.
The U.S. has run large trade deficits for years and it’s usually doesn’t have much impact on the economy’s performance. Yet some big ups and downs in the trade gap last year also produced large swings in gross domestic product.
In December, the trade deficit rose 10.5% to $67.4 billion.
Both imports and exports softened toward the end of the year in a sign of economic weakness at home and abroad.
(Excerpt) Read more at marketwatch.com ...
We give foreigners paper money for stuff.....................
Its a great deal for us.
Its why the BRICS are hoping to change it
With dollar now under 60% in global reserves, and an unknown (due to traders switching from SWIFT) but diminishing share in transactions it is not going to past long.
It is increasingly difficult for the government to sell bonds abroad, meaning that further practice of printing money to cover deficit is going to bring the same result as in Zimbabwe.
“Americans’ strong appetite for new cars, cell phones and other consumer goods.”
Wait, everybody’s broke and can’t even afford groceries. How can this be?
We are idiots wherein reality hasn’t caught up yet.
It will, and it will be ugly.
“I cut the deficit.”
-Joe Biden, tonight
Americans’ strong appetite for new cars?
https://www.cnbc.com/2023/01/06/2022-us-auto-sales-are-worst-in-more-than-a-decade-.html
cell phones?
https://techcrunch.com/2023/01/17/2022-global-smartphone-shipments-were-the-lowest-in-nearly-a-decade/
consumer goods?
https://www.oberlo.com/statistics/us-retail-sales
On a number scale I’d rate this article as √-1
And still no signifcant tariffs....
The USA imports $3T per year. An across the board tariff of 15% would balance the budget. It would stop the bleeding AND PROMOTE DOMESTIC INDUSTRY.
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