TARIFFS | How Are They All Working Out?

Tariffs have not lowered the trade deficit so far.

August 3, 2018–The Trump Administration is now more than year and a half into its program to improve the U.S. balance of trade in goods and services.

 The U.S. Bureau of Economic Analysis (BEA) reported this morning that the goods and services deficit was $46.3 billion in June, up $3.2 billion from $43.2 billion in May, revised.

Year-to-date (see chart), the goods and services deficit increased $19.6 billion, or 7.2 percent, from the same period in 2017. Exports increased $103.6 billion or 9.0 percent. Imports increased $123.2 billion or 8.6 percent.

June exports were down from May by $1.5 billion to $213.8 billion. June imports were up from May by $1.6 billion to $260.2 billion. The June increase in the goods and services deficit reflected an increase in the goods deficit of $3.1 billion to $68.8 billion and virtually no change in the services surplus to $22.5 billion.

The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm