America is in a pretty not-great place economically. The tariffs from our trade fight with China, our declining soybean exports, and the slew of other issues have resulted in a 10-year high for our trade deficit. And now, we’re starting to see it in our jobs as job growth is declining.
According to the Commerce Department, the trade deficit has increased to a total of $55.5 billion. This is the fifth month in a row that the deficit has risen. The last time it was this high was during October of 2008.
The primary source of this increase is from the ongoing trade war between China and the United States. The goods trade deficit with China surged 7.1 percent to a record $43.1 billion in October when imposed tariffs were placed on $250 billion worth of import goods. And in response, China has placed similar tariffs on American goods like Soybeans and automobiles.
These actions have caused a number of American business to build factories in China in order to bypass the import tariffs. This includes electric automaker, Tesla. They cited having to add nearly $20,000 in taxes for China-sold Tesla Model 3s built in America.
We’re now losing jobs because of our current situation. And from the way things look, it won’t improve soon. Factory workers in America may want to consider learning about self-sufficient living if they haven’t already. Their jobs may not last long.