As America’s trade deficit jumped 7 percent in June and the U.S. trade gap is currently on track to hit a ten-year high Donald Trump boasted that test tariffs are "working big time"...
While Trump fiddles the Commerce Department reported last week that the deficit climbed $3 billion in the month of June alone marking the quickest uptick since November 2016.
The deficit tallied $291 billion in the first six months of 2018, compared with $272 billion the first half of 2017.
While Trump gloats that his tariffs are hurting China's stock market and weakening the country’s bargaining power he neglects to recognize that U.S. stocks are weak as well especially since the escalating trade war began.
Economists predict the uptick in the trade gap will increase estimating the annual deficit would likely surpass last year’s $552 billion total trade gap and hit the highest level since 2008... and we all know what happened in 2008.
Trump also oddly boasted in Ohio that the tariffs would help the U.S. pay off its $21 trillion debt - 2 trillion of which is he is responsible for - but the tariffs that so far have been levied only covers about 0.1 percent of the debt.
The worry now is that a continually widening trade deficit will slow the entire U.S. economy.
But not to worry... "Trade wars are good, and easy to win"...