More than a year since “Liberation Day,” the US trade deficit looks much the same—despite a historic increase in tariffs that were ostensibly intended to reduce it. As we’ve previously discussed, most economists think that the trade deficit—especially the deficit for just goods—isn’t necessarily a problem for the United States and, being driven by big macroeconomic forces, won’t be fundamentally altered by tariffs alone. Nevertheless, the trade in goods deficit has been a major focus of President Trump’s ongoing tariff onslaught, and it’s therefore something we (reluctantly) need to monitor. Yesterday, US Census / ... (full story)