Say what you will about President Trump, but when it comes to improving the economy, he’s been keeping his word since pretty much his first day in office.Since Trump’s election, we’ve seen major corporations agree to investing millions into our country, building manufacturing plants, creating jobs, and eventually putting folks back to work.
Well it seems the good news is continuing to roll in as our trade deficit is shrinking in big ways — did you catch the irony in that phrasing? — as customers across the globe are eagerly snapping up American made products and services.According to Fox Business, The U.S. trade deficit shrank sharply in February as overseas customers snapped up American products and services, the latest sign U.S. factories are benefiting from global economic stability.
The trade gap in goods and services fell 9.6 percent in February from a month earlier to a seasonally adjusted $43.56 billion, the Commerce Department said Tuesday. Imports fell 1.8 percent while exports grew 0.2 percent.
Economists surveyed by The Wall Street Journal had projected a $44.6 billion gap.The smaller deficit suggests the economy may have grown at a slightly stronger pace than previously thought in the first quarter and is positioned for stronger growth this spring.
After accounting for inflation, exports of goods–products ranging from tractors to pharmaceutical supplies–reached the highest level on record in February. Exports of services also grew healthily.
Overall exports have risen 7.2 percent this year compared to the same period a year earlier.Economic growth remained sluggish overall in the first three months of the year, in part due to the persistent trade deficit. Private-sector economists estimate the economy grew at about a 1% annual rate in the first quarter, down from the fourth quarter’s 2.1% expansion.
But growth is expected to rebound in the second quarter in part due to the recent increase in exports, which is leading factories to ramp up hiring and production to meet higher demand.
Good news all around, which is something sorely needed in today’s divisive political climate.Always good to see stability and prosperity making a comeback.
Let’s hope Trump continues to be a champion of the free market and rolls back oppressive regulations that have prevented companies here in American from having the profits necessary to expand business and create job.
It’s well past time for folks to have a taste of the good life.
[Note: This article was written by Michael Cantrell