Economists say the hefty tariffs Mr. Trump has placed on China have encouraged American consumers to purchase goods from other countries and have not led to an American manufacturing renaissance. Data released Wednesday morning showed the trade deficit in goods with Mexico increased $21.1 billion last year to a record $101.8 billion, as the United States brought in more goods from its southern neighbor. The trade deficit in goods with Canada grew by $8 billion, while the gap with Taiwan increased by $7.8 billion. The trade deficit in goods with the European Union also expanded to a record $177.9 billion in 2019, presaging Mr. Trump’s next conflict. In recent weeks, Mr. Trump has said that his attention was shifting to Europe now that he has signed trade deals with China, Japan, Canada and Mexico.

Source: New York Times February 05, 2020 13:33 UTC