WASHINGTON, D.C., (April 2, 2020) — Today, Americans for Free Trade spokesperson Jonathan Gold released the following statement after the United States trade deficit dropped 12 percent in the month of February.
“A 12 percent drop in the trade deficit is significant and very troubling for the U.S. economy. What’s worse is that the decrease happened in February, before the surge of COVID-19 cases hit the United States. As the COVID-19 pandemic continues to have a profound impact on the economy, it is more important than ever for the Administration to provide as much relief as possible to American businesses, manufacturers and farmers so they can keep their doors open and employees working. We urge President Trump to provide tariff relief for companies who desperately need the liquidity to remain operational. This is an executive action that the president can take to immediately help U.S. companies and their employees.
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BACKGROUND
The U.S. trade deficit shrank in February to the smallest in more than three years as imports declined more than exports ahead of the hit to global commerce from the expanding pandemic. (Jeff Kearns, “U.S. Trade Deficit Narrowed to a Three-Year Low in February,” Bloomberg, 4/2/20)