The gap between the value of U.S. imports and exports widened 1.9 percent to $68.2 billion in January, the Commerce Department reported, as American consumers bought more pharmaceuticals, cell phones, flat-screen televisions, and other electronic items.
Imports grew 1.2 percent to $260.2 billion in January from December, returning to pre-pandemic levels, while exports added 1 percent to reach $191.9 billion for the month.
The U.S. shipped more industrial machinery, petroleum products, and computer chips as more foreign countries loosened lockdowns and began to reopen their economies.
Consumer spending jumped 5.3 percent month to month, boosted partly by December’s round of government stimulus checks.
TRENDPOST: As we have noted, go back to 2017. From the day Donald Trump took office until the COVID War began last February, a week did not go by where the “experts” used the ruse that the equity markets were moving up or down on the U.S. vs. China Trade War battle.
The annual U.S. trade deficit was $481 billion in 2016 when Donald Trump became president and rose by almost a third to $678.7 billion at the end of December 2020, according to a 5 February report from the U.S. Commerce Department.
We maintain our forecast that the 21st century will be the Chinese century since the business of China is business and the business of America has been war.
TREND FORECAST: To see where the trade gap is moving and what to expect next, please go to “TOP TRENDS 2021: THE RISE OF CHINA.”
