Reaches a twelve year high due to pandemic.
The Commerce Department released its report on the status of the U.S. trade this past Friday. The gap between U.S. products sold abroad and what the U.S. purchased from abroad rose to a deficit of $679 billion last year. The deficit rate is the highest seen since 2008 due to the pandemic.
The total exports made in 2020 was $2.1 trillion, and the total of imports was $2.8 trillion, falling 9.5% since 2019. Former President Trump had attempted to narrow the gap during his time in office by imposing taxes and tariffs, but was ultimately thwarted by global trade stagnation caused by coronavirus restrictions.
As the Lord Leads, Pray with Us…
- For God to accomplish His purposes through the president’s administration.
- That the easing of coronavirus restrictions would strengthen the American economy.
- That God would heal the world of this pandemic.
Sources: AP, Politico
