Trump’s Losing Trade Wars – Auto and Other Deficits Grow

Posted on 6 December 2020 by Ken Zino
Ken Zino of AutoInformed.com on Trump's Losing Trade Wars

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The US international trade deficit in goods and services increased to $63.1 billion in October from $62.1 billion in September as imports increased more than exports.*

Despite magical thinking from the Trump Administration, the October imports of automotive vehicles, parts, and engines ($32.2 billion) were the highest since July 2019 ($32.4 billion). Worse, October imports from Mexico ($33.1 billion) were the highest on record. US vehicles sold in China are now at a distinct price disadvantage to European and Asian imports because of retaliatory tariffs. In fact, U.S. trade in goods with China year-to-date is a whopping -$25,289,400,000.

Imports

  • October imports of goods ($206.6 billion) were the highest since August 2019 ($210.2 billion).
  • October imports of capital goods ($56.9 billion) were the highest since August 2019 ($57.0 billion).
  • October imports of automotive vehicles, parts, and engines ($32.2 billion) were the highest since July 2019 ($32.4 billion).
  • October non-petroleum imports ($197.1 billion) were the highest since December 2018 ($199.8 billion).
  • Real Dollar Basis (Chained 2012 Dollars, seasonally adjusted)
  • October real dollar imports of goods ($233.7 billion) were the highest since August 2019 ($235.0 billion).

Balance

  • The October deficit with Taiwan ($3.0 billion) was the highest on record.
  • The October deficit with South Korea ($3.2 billion) was the highest since April 2016 ($3.3 billion).

Import Records

  • October imports from Mexico ($33.1 billion) were the highest on record.
  • October imports from South Korea ($7.3 billion) were the highest on record.
  • October imports from Taiwan ($5.6 billion) were the highest on record.

*Based on the December 4, 2020, U.S. International Trade in Goods and Services, October 2020 report, released by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.

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About Ken Zino

Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
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One Response to Trump’s Losing Trade Wars – Auto and Other Deficits Grow

  1. Pingback: Biden’s Build Back Better Act Decreases Budget Deficit! | AutoInformed

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