U.S. Soybean Exports Plunge in August

Bloomberg News writer Andrew Mayeda reported today that, “The U.S. trade deficit widened in August to the biggest in six months as soybean exports plunged and a measure of the gap with China hit a record, showing how the Trump administration’s trade war is dragging on economic growth.

“The gap in goods and services trade increased 6.4 percent to $53.2 billion, from a revised $50 billion in the prior month, Commerce Department data showed Friday. Imports rose 0.6 percent and exports fell 0.8 percent. Soybean exports dropped $1 billion, or 28 percent, to $2.58 billion, reversing a run-up earlier this year ahead of retaliatory levies from China.”

“MONTHLY U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES, AUGUST 2018.” U.S. Census Bureau and the U.S. Bureau of Economic Analysis (October 5, 2018).

The Bloomberg also noted that, “At the same time, trade tensions have eased with Canada and Mexico. This week, the U.S. reached a deal with the two nations on a revised North American Free Trade Agreement. Trump plans to sign the new deal, to be renamed the U.S.-Mexico-Canada Agreement, by the end of November.”

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