(StraightShooterNews.com) – As evident proof that the failed Bidenomics plan is still hurting the country, the U.S. trade deficit widened significantly in September, reaching $84.4 billion, the highest since early 2022.
See the tweet below.
This troubling development surpassed market expectations and has raised serious concerns about the current administration’s ability to safeguard American economic interests.
The primary culprit behind this ballooning deficit is a substantial 3.0% increase in imports, which totaled a whopping $352.3 billion.
Consumer products, computers, and semiconductors were among the main contributors to this import surge.
Meanwhile, exports declined to $267.9 billion, with notable drops in civilian aircraft and pharmaceutical preparations.
Perhaps most concerning is the widening trade gap with America’s biggest economic opponent, China. This development underscores the urgent need for a robust approach to international trade that puts America first.
The current administration’s weak stance on China has allowed this imbalance to persist, potentially jeopardizing American jobs and industries.
As President Donald Trump astutely pointed out during his tenure, unfair trade practices and lopsided agreements have long disadvantaged American workers and businesses.
His proposal to implement tariffs of 10 to 20 percent on all imports, particularly from China and Mexico, demonstrates a commitment to leveling the playing field and protecting American interests.
In addition, the current trade deficit situation also reveals the shortsightedness of recent economic policies.
While proponents of the status quo might argue that strong domestic demand is driving imports, this overlooks the long-term consequences of relying heavily on foreign goods.
The #US goods trade deficit in September increased 14.9% to $108.2 billion, the highest level since March 2022, amid a surge in imports that weighed on the country’s economy.#Forbes
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— Forbes Middle East (@Forbes_MENA_) October 29, 2024
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