USMCA’s benefits sorely needed as U.S. trade slump on COVID-19 closures

Canada 408 China 2435 Cons. Discr. - Autos 883 Energy - Conventional 363 Mexico 683 Trade Balance 829 Trade Deals 855 U.S. 4297 USMCA 419

U.S. international trade activity dropped by 24.8% year over year in April, largely due to the disruptions caused by COVID-19. Exports fell by 30.0% while imports dropped by 20.2%, showing the global economic slowdown is as much a problem as industrial and services shutdowns in the U.S. for most of the month. The trade in goods deficit, the Trump administration’s preferred trade metric where lower is “better”, fell by 6.3% including a 16.2% drop in the deficit with China due to tariffs and increased Chinese purchases under the phase 1 trade deal. Trade with Canada and Mexico slumped by 4...

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