Fact check: Trump wildly exaggerates trade deficits with Canada, Mexico, China and the EU
CNN
Fact check: Trump wildly exaggerates trade deficits with Canada, Mexico, China and the EU
President Donald Trump has for years wildly exaggerated the size of US trade deficits with various other countries. Now, as Trump cites those trade deficits as a key justification for his tariff policies, newly released federal statistics show just how wrong Trump’s numbers are. Previously released federal figures for 2023 and part of 2024 had already shown that Trump’s claims about the US deficits with Canada, Mexico, China, and the European Union were way off. Now, the Department of Commerce has published full-year 2024 figures that allow us to say precisely how far off. Before we get into the data, a quick reminder: Having a trade deficit with another country means the US imports more goods and services from the country than the US exports. Though Trump often describes trade deficits as subsidies or losses, having a deficit does not mean the US is giving away money for nothing. For example, the US trade deficit with Canada exists largely because the US imports a large quantity of cheap Canadian heavy crude oil that helps keep gas prices down for American drivers. Trump, who has imposed 25% tariffs on almost all products imported from Canada, has repeatedly said this year that the US has a “$200 billion” trade deficit with Canada – sometimes making the claim explicitly and sometimes using vaguer language about a supposed $200 billion subsidy or loss to Canada. Trump’s number is not even close to correct. The new federal statistics show the 2024 deficit with Canada in goods and services trade was $35.7 billion, down from $40.6 billion in 2023.
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