Trump lies and claims there is a trade deficit with Canada when there is actually a surplus
There are so many lies to unravel here. But let’s just sum up.
On Sunday, Trump tweeted, “Fair Trade is now to be called Fool Trade if it is not Reciprocal. According to a Canada release, they make almost 100 Billion Dollars in Trade with U.S. (guess they were bragging and got caught!). Minimum is 17B.”
Even after more than 500 days in office, Trump shows no understanding of the basics of trade and economics. He focuses on trade deficits, falsely claiming that the United States is “losing,” when virtually every economist would argue it is far more important to focus on overall trade and investment between nations. If overall trade increases between nations, people in each country generally gain, no matter the size of the trade deficit.
But putting that aside, his claim about a trade deficit is just a lie. According to statistics issued by the U.S. government headed by Trump, the United States has a trade surplus with Canada.
Trump’s Council of Economic Advisers, in the 2018 annual report signed by Trump, said that was the case, writing: “In 2016, the United States ran a trade surplus of $2.6 billion with Canada on a balance-of-payments basis.”
Also, the office of the U.S. Trade Representative says the trade surplus with Canada was $8.4 billion. The Commerce Department’s Bureau of Economic Analysis says the surplus was $7.7 billion in 2016 and nearly $2.8 billion in 2017.
Those are actual facts. Trump is lying.
Trump lies and claims there is a trade deficit with Canada when there is actually a surplus — No Comments
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