By Jon Dougherty
(TNS) In spite of all of the hoopla over impeachment and the additional political noise we must endure as the 2020 election season begins in earnest, President Donald Trump and his trade negotiators have managed to create a small miracle.
- Check out â€œRe-Election Year: Trump is Cooking the Impossibleâ€Â â€”Â download for FREE inÂ Crisis Reports
According to the most current data, in November the U.S. trade deficit narrowed to its smallest level in three years as American exports rose amid a pullback in the trade war with China, as imports fell to their lowest level since 2017.
Overall, the numbers are thus: The deficit in goods in services for the U.S. fell to $43.1 billion in November from $46.9 billion in October, which is the smallest deficit since October 2016, a month before Trump was elected.
In addition, the figures hint that the trade gap may actually shrink on an annual basis for the very first time since 2013.
While aircraft exports fell thanks to the trouble with the 737 Max at Boeing, agricultural exports improved (putting the big fat lie to all the mainstream media stories of hard luck farmers).
Also, as Zero Hedge reports:
- Overall exports of goods and services in November rose 0.7%Â to $208.6 billion, including gains in consumer goods, capital goods and soybeans.
- Imports fell 1% to $251.7 billion, with declines in civilian aircraft,Â consumer goods and petroleum products.
Additionally, in nominal terms, the petroleum surplus edgedÂ up toÂ a record $832 million, further boosting Americaâ€™s new status as a net exporter.
As Bloomberg notes,Â the report indicates trade is on track to contribute to fourth-quarter economic growth after havingÂ weighedÂ on gross domestic product for the previous two periods, though the shift reflects more of a drop in imports than a gain in exports.
Now, mind you, it’s not just the trade imbalance with China that Trump is attempting to correct.
Last month, White House Director of Trade and Manufacturing Policy Peter Navarro predicted that 2020 will be phenomenally successful for the United States and the American people, based on several factors — including reworked trade deals.
USA Features NewsÂ reported:
Narraro predicted near 3 percentÂ GDP growth, Dow 32,000, and historic job and wage growth in one of the â€œgreatest years in U.S. history economically.â€
â€œThis economy under President Donald J. Trump is setting up beautifully for a economic boom and a bull market,â€ Navarro, the White House trade and manufacturing policy director,Â told â€œThe Cats Roundtableâ€ on 970 AM-N.Y.
Navarro noted that there are four economic pillars that will allow the president to build further on his successes: Continued cheap energy, deregulation, tax cuts, and trade deals that are more fair to the U.S.
The White House economist also noted the following factors would drive growth in the U.S. economy and on Wall Street in 2020:
- 5 trade deals enacted in 2020 (Japan, South Korea, U.S. Mexico-Canada Agreement (USMCA), and Phase I with China).
â€œMy forecast, basically, is much closer to 3 percent real GDP growth than 2 percent for the year, andÂ I predicted some months ago that weâ€™ll hit 30,000 on the Dow if we were able to pass the US-Mexico-Canada agreement and get lower interest rates from the Fed,â€ Navarro told host John Catsimidis.
â€œWeâ€™re waiting for the Senate to seal the deal on the USMCA,” he added.
The numbers tell the story: The president’s strategy to get better trade deals for American workers and companies is working to reduce the massive deficits we have financed for decades — deficits that, in large part, have helped finance China’s military rise.
- We need your help to grow, pure and simple. Share our stories, make sure to tell your friends about this site, and click the red bell in the right corner for push notifications.Â
GOT SOMETHING TO SAY? COMMENT BELOW