Census announced today bit.ly/31qzKnI the overall goods trade deficit fell 1.7% in 2019. However, the U.S. trade deficit in non-oil goods, which is dominated by trade in manufactured products, increased 1.8% in 2019. Aside from petroleum, trade was a net drag ...
...on the economy in 2019, and on manufacturing, in particular. This comes on top of an 18.3% increase in the goods trade deficit in the first two years of the Trump administration. 2.The petro-products deficit fell 72.6% ($36.3 billion), masking the $14.5 billion increase...
in the non-oil goods trade deficit, within the overall 2.4% ($21.4 billion) decline (improvement) in the U.S. goods trade balance. The fracking revolution led to a significant reductions in oil imports (-13.9%), increased exports (2.8%), especially in refined products in 2019..
Shocking factoid: The US became a net exporter of petro products for the last 4 months of 2019. Under Trump, we have become a banana republic, in more ways than one. We absorb pollution out of the refineries & drink fracking chemicals in our water just to make more oil...
rather than consume less,& reduce global warming. Worse yet, A key element of Trump’s trade ‘strategy,’ is increasing LNG exports, driving up US gas prices (low energy prices were a key element of the mini-recovery in US mfg exports), & hurting consumers, increasing risks
