US Trade Gap the Largest in 15 Years
Elections have consequences. Stolen elections have catastrophic consequences.
Another Biden milestone. The US trade gap in the 3rd quarter widened to $214.8 billion – the largest deficit since 2006.So things are working just as you would expect under the Biden regime.
Market Watch reported:
The U.S. current account deficit widened 8.3% to $214.8 billion in the third quarter, the Commerce Department said Tuesday. It is the largest deficit since 2006. The trade gap has widened for seven straight quarters.
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The widening of the deficit reflected a reduced surplus on services, which have been hit hard by the coronavirus. The goods deficit widened in the third quarter.
The deficit has been widening as strong U.S. domestic demand for goods continues to outpace foreign consumption.
Mahir Rasheed, economist at Oxford Economics, thinks the deficit will narrow in the fourth quarter as export growth accelerates.