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Goods balance of trade plus advance data from Census Department, chart by Mish

Advance Trade Data

• The international trade deficit was $108.2 billion in September, up $14.0 billion from $94.2 billion in August.
• Exports of goods for September were $174.2 billion, $3.6 billion less than August exports.
• Imports of goods for September were $282.4 billion, $10.4 billion more than August imports.

The Advance Trade Data is for goods only. Full trade data also includes services where the US tend to run relatively small surpluses.

Goods Balance of Trade Details

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Goods Imports and Exports

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Trade Synopsis

• Exports steady
• Imports rising
• Deficit increasing

Don’t worry, a recession will help convince consumers to cut back buying stuff they cannot afford.

More seriously, weak agricultural prices help explain why exports have gone nowhere.

Trump’s Threat to John Deere

On September 25, I commented Trump Threatens John Deere With 200 Percent Tariffs, Farmers Would Be Hurt

Trump has gone mad with threats. Tariffs on John Deere would cost farmers plenty.

The price of soybeans, wheat, and corn have plunged, and here is Trump insisting farmers pay more for farm equipment.

Soybean prices are down about 27 percent from a year ago, back to a level seen in 2007.

Dear Farmers

Trump has a message for you: “I promise to make you pay as much as possible for farm machinery.”

Check it out. Trump would put 200 percent tariffs on Deere but 60 percent on China.

Trump Claims Tariffs Will Reduce the Trade Deficit

Trump proposes 60 percent tariffs on China. Would that reduce the trade deficit? Where? How?

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On September 26, I commented Trump Claims Tariffs Will Reduce the Trade Deficit. Let’s Fact Check.

Trump’s Tariff Claims on Truth Social

May 31, 2023: Remember, I terminated the worst trade deal in USA history, NAFTA, and replaced it with the best, USMCA. Also got China to pay our great FARMERS 28 Billion Dollars in damages!

Please consider Trump vs Frederic Bastiat: Who Is Right About Tariffs?

Ignorance or a Lie?

Trump claims foreigners pay the bill. That either ignorance or a flat out lie.

US importers can either eat the cost or pass it on. In most cases it is the latter.

But foreign exporters can mask the exports by value added processes that hide the origin of the goods. This adds cost frictions as well, but at a lesser rate.

Tracking the Economic Impact of the Trump-Biden Tariffs

The Tax Foundation Tariff Tracker investigates the Economic Impact of Trump-Biden Tariffs.

Please read the sobering report.

Trump Will Raise Taxes and Increase the Price of Goods

Yesterday, I commented Trump Will Raise Taxes and Increase the Price of Goods

Since tariffs are a tax on consumers, Trump is threatening the largest tax hike in US history.

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