WORST TRADE DEFICIT EVER UNDER JOE BIDEN
Written by Peter Boykin on February 8, 2023
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
WORST TRADE DEFICIT EVER UNDER JOE BIDEN
The U.S. trade deficit climbed 12.2% in 2022 to reach an all-time high of $948.1 billion, due largely to Joe Biden’s failed economic policies.
A trade deficit occurs when a country imports more goods/services than it exports, meaning more money is going out than coming in.
The numbers: In 2022, both imports and exports grew:
Imports rose to $3.96 trillion
Exports: rose to $3 trillion
China ate our lunch: The U.S. trade deficit with China grew to $382.9 billion (also an all-time high), up from $353.5 billion in 2021.
What drove imports so high? Carls, electronics, and other consumer goods led the way on the import side of the trade deficit.
For perspective: Ten years ago, the deficit was under $500 billion, almost half of where it sits today.
[Source: Market Watch, WSJ]
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