{"id":968585,"date":"2021-11-04T17:00:25","date_gmt":"2021-11-04T21:00:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=968585"},"modified":"2021-11-04T17:00:27","modified_gmt":"2021-11-04T21:00:27","slug":"trade-deficit-hits-record-high-billions-larger-with-china-mexico","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trade-deficit-hits-record-high-billions-larger-with-china-mexico\/","title":{"rendered":"Trade Deficit Hits Record High, Billions Larger With China, Mexico"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrade-deficit-hits-record-high-billions-larger-with-china-mexico%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=968585&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The U.S. trade deficit increased in September to $80.9 million according to Commerce Department data, setting a new record as American exports declined and supply chain issues continued to plague U.S. ports.&nbsp;<\/p>\n<p>While imports <a href=\"https:\/\/apnews.com\/article\/business-united-states-global-trade-af2b1b1e13993e2d373d3dcfeec26dd2\">climbed<\/a> nearly half of a percentage in September, exports fell by 3% to $207.6 billion worth of goods. The previous record for the trade deficit, set in June, had been $73.2 billion. According to <a href=\"https:\/\/www.bea.gov\/news\/2021\/us-international-trade-goods-and-services-september-2021\">the<\/a> Bureau of Economic Analysis (BEA), the deficit had increased by $8.1 billion since August.&nbsp;<\/p>\n<p>Trade deficits with several major countries increased, including China and Mexico. According to the data, September saw a $3.4 billion increase in the deficit with China, bringing America\u2019s total trade deficit with China up to $31.5 billion. Similarly, the trade deficit with Mexico also increased by $2.3 billion.&nbsp;<\/p>\n<p>Exports of crude oil, semiconductors, civilian aircraft engines, and computer accessories all decreased while imports of computers and other electronics increased.&nbsp;<\/p>\n<p>\u201cPart of the weakness reflected a 15.5% drop in petroleum exports related to the drilling rig and refinery shutdowns during Hurricane Ida in the Gulf of Mexico. Economists expect that decline to reverse in coming months with petroleum production coming back on line,\u201d The Associated Press <a href=\"https:\/\/apnews.com\/article\/business-united-states-global-trade-af2b1b1e13993e2d373d3dcfeec26dd2\">reported<\/a>.<\/p>\n<p>Not only have imports increased, but the prices of the imported goods have jumped as well. Some <a href=\"https:\/\/www.wsj.com\/articles\/u-s-trade-deficit-hits-fresh-record-on-goods-demand-higher-inflation-11636029815\">estimates<\/a> show that imported consumer goods are roughly 1.4% more expensive than a year ago and industrial goods are 35% higher.&nbsp;<\/p>\n<p>Some have chosen to pin the increasing U.S. trade deficits as an impact stemming from the pandemic.&nbsp;<\/p>\n<p>\u201cWe look for the trade balance to remain historically elevated through year-end, but moderation in domestic demand will cool import volumes while steady vaccine diffusion and slower virus spread should underpin stronger export growth,\u201d said&nbsp; Kathy Bostjancic, an economist at Oxford Economics.&nbsp;<\/p>\n<p>Last month, U.S. Senator Josh Hawley (R-MO) <a href=\"https:\/\/www.foxbusiness.com\/politics\/hawley-bill-supply-chain-us-manufacturing-requirement\">introduced<\/a> the \u201cMake in American to Sell in America Act,\u201d a proposal he says will address supply chain and inflation issues.<\/p>\n<p>The plan would stipulate that for products identified as key to the defense and industrial base of the U.S., they would need 50% or more of the value of the goods produced in America in order to be sold commercially.&nbsp;<\/p>\n<p>\u201cFor decades, Washington elites shipped American <a href=\"https:\/\/www.foxbusiness.com\/category\/jobs\">jobs<\/a> overseas while factories throughout the country were shuttered, leaving us perilously reliant on foreign manufacturing,\u201d the Republican told FOX Business.<\/p>\n<p>\u201cNow is the time for a bold, new economic agenda that will restore the American heartland and put American workers<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. trade deficit increased in September to $80.9 million according to Commerce Department data, setting a new record as American exports declined and supply chain issues continued to plague U.S. ports.\u00a0While imports climbed nearly half of a percentage in September, exports fell by 3% to $207.6 billion worth of goods. The previous record for the trade deficit, set in June, had been $73.2 billion. According to the Bureau of Economic Analysis (BEA), the deficit had increased by $8.1 billion since August.\u00a0Trade deficits with several major countries increased, including China and Mexico. According to the data, September saw a $3.4 billion increase in the deficit with China, bringing America\u2019s total trade deficit with China up to $31.5 billion. Similarly, the trade deficit with Mexico also increased by $2.3 billion.\u00a0Exports of crude oil, semiconductors, civilian aircraft engines, and computer accessories all decreased while imports of computers and other electronics increased.\u00a0\u201cPart of the weakness reflected a 15.5% drop in petroleum exports related to the drilling rig and refinery shutdowns during Hurricane Ida in the Gulf of Mexico. Economists expect that decline to reverse in coming months with petroleum production coming back on line,\u201d The Associated Press reported.Not only have imports increased, but the prices of the imported goods have jumped as well. Some estimates show that imported consumer goods are roughly 1.4% more expensive than a year ago and industrial goods are 35% higher.\u00a0Some have chosen to pin the increasing U.S. trade deficits as an impact stemming from the pandemic.\u00a0\u201cWe look for the trade balance to remain historically elevated through year-end, but moderation in domestic demand will cool import volumes while steady vaccine diffusion and slower virus spread should underpin stronger export growth,\u201d said\u00a0 Kathy Bostjancic, an economist at Oxford Economics.\u00a0Last month, U.S. Senator Josh Hawley (R-MO) introduced the \u201cMake in American to Sell in America Act,\u201d a proposal he says will address supply chain and inflation issues.The plan would stipulate that for products identified as key to the defense and industrial base of the U.S., they would need 50% or more of the value of the goods produced in America in order to be sold commercially.\u00a0\u201cFor decades, Washington elites shipped American jobs overseas while factories throughout the country were shuttered, leaving us perilously reliant on foreign manufacturing,\u201d the Republican told FOX Business.\u201cNow is the time for a bold, new economic agenda that will restore the American heartland and put American workers before corporate profits,\u201d he added. \u201cWe cannot let this moment pass and return to Washington\u2019s failed economic consensus.\u201dIn an essay last week for The New York Times, Hawley noted potential problems that might come from relying too heavily on goods from China.\u00a0He argued that \u201c[America] is dangerously dependent on the productive capacity of China, our chief adversary\u201d and that the U.S. needed to assert \u201ceconomic independence.\u201d\u201cAmerica is a strong nation. We should start acting like one,\u201d he wrote, \u201cWhile distribution problems are a factor right now in the crisis, structural reforms are imperative to reassert our economic independence.\u201dThe Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":200,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-968585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/968585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=968585"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/968585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=968585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=968585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=968585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}