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President Donald Trump stated on social media Thursday that he plans to change the “massive trade deficit” the U.S. experienced under former President Joe Biden.
The president shared the words in a Truth Social post in response to January’s increased imports.
“Massive Trade Deficit with the World, just announced, compliments of Sleepy Joe Biden! I will change that!!!” Trump wrote.
The U.S. trade deficit hit a record high in January, Biden’s final month as president. Imports jumped 10 percent to $401.2 billion, while exports edged up 1.2 percent to $269.8 billion, according to a Wall Street Journal report on Thursday.
The deficit reached an unprecedented $131.4 billion, marking a 34% increase from December’s $98.1 billion shortfall. The Commerce Department’s Bureau of Economic Analysis noted that this was the largest percentage surge in the deficit since March 2015.
The commitment is also part of his ongoing tariff efforts, especially with Canada, Mexico and China.
“Tariffs are about making America rich again and making America great again,” Trump said during his Tuesday speech to a Joint Session of Congress. “And it’s happening. And it will happen rather quickly. There’ll be a little disturbance, but we’re OK with that. It won’t be much.”
Tariffs on China have increased by 10 percent to a total of 20 percent. New 25% percent tariffs on Canada and Mexico were delayed on Thursday until April 2.
“Most of the tariffs go on April the second,” Trump told reporters before signing executive orders on Wednesday. “Right now, we have some temporary ones and small ones, relatively small, although it’s a lot of money having to do with Mexico and Canada.”
Trump also previously delayed tariffs in early February following moves by Mexico’s government to supply 10,000 soldiers along the border.
“I just spoke with President Claudia Sheinbaum of Mexico. It was a very friendly conversation wherein she agreed to immediately supply 10,000 Mexican Soldiers on the Border separating Mexico and the United States. These soldiers will be specifically designated to stop the flow of fentanyl, and illegal migrants into our Country,” Trump posted to Truth Social at the time.
