President Donald Trump has pledged that his tariffs will bring manufacturing jobs back to America and make America a net exporter again. So far, the exact opposite has happened: Manufacturing jobs have decreased, and the trade in goods deficit has increased.
From January through September, the most recent month for which U.S. Census Bureau trade data are available, the U.S. imported $1 trillion more in goods than it exported. This is a $118 billion jump compared to the goods trade deficit that the U.S. ran from January to September 2024. (Likewise, the overall trade deficit, which includes services, increased by $113 billion.)
