OK, back on topic, trade deals. Trump supposedly renegotiated NAFTA but all he did was change the name. There is not one meaningful difference in the actual terms of the deal. But if you are a Trump supporter, you buy into the idea that Trump got a better deal, even if you cannot name one specific aspect of the deal.
As to China, again, a lot of bluster and false/misleading statements, but no real change. In fact, recent data indicates the trade deficit is the worst it has ever been:https://www.axios.com/us-trade-deficit-china-canada-mexico-aeaf4aac-e8d3-4310-b149-6c06fae5b18f.html
The U.S. trade balance fell to a deficit of $63.6 billion in July, $10 billion larger than the month before, and the biggest monthly deficit since July 2008.
Why it matters: The spike in the trade deficit comes despite President Trump's trade war with China and tariffs on hundreds of billions of dollars of imports from China, Europe and other countries, as well as the U.S.-Mexico-Canada trade agreement, which went into effect this year.
The increase between the deficit in July 2016 and July 2020 is "especially notable given the drop in trade flows related to the COVID-19 pandemic," liberal think tank Public Citizenís Global Trade Watch director Lori Wallach said in a statement.
"Comparing the trade flows in the first seven months of 2019 to the same period in 2020, U.S. trade has decreased 15%."
By the numbers: The $340 billion trade deficit in the first seven months of 2020 is 12.2% higher than during the same period in 2016.
The trade deficit with China was $3 billion more on the month at $31.6 billion.
The deficit with Europe also increased $3 billion from the prior month, to $23.1 billion.
The July 2020 surplus in services trade was the smallest since August 2012, at $17.4 billion.
And don't even get me started on the budget deficit and added national debt that resulted from the Trump tax cuts. Not one republican complained that these tax cuts, where the money went primarily to businesses and then was used primarily for stock buy backs, was creating more debt, but now, when we really should be using debt to counterbalance a true economic problem (COVID), republicans complain that debt is a problem.
The truth is that there is a debt problem. We used up our debt bullets on a tax cut to stimulate the economy when the only reason to stimulate the economy was to make Trump look good, and incidentally, to help some of Trump's businesses. Now, when debt spending to help the economy would actually make sense, we can't do it.
But if Trump wore a mask he would be cruising to winning the election?