US TRADE
US President Donald Trump announced at the beginning of March, an additional tax to import steel and aluminum to explain the introduction of a move to disrupt international trade balances. The US, which imports 4 times of its steel and has reduced its production from 112 million tons to 86 million tons compared to the year 2000, plans to reduce steel imports by decreasing the current account deficit and increasing production in this area.
In the US, 135 thousand people were employed in the steel industry in 2000, while in 2016 this figure had decreased to 83 thousand people. If the global partners of the United States, especially the European Union, start to retaliate with similar additional tax decisions, trade barriers arising from the protectionist taxes will occur.
US International trade balance
Refined oil, soybean, corn and semiconductor production machines, the United States, the export import figures on the basis of products are examined, Automobiles, crude oil and smart phones in the United States' largest trade deficit in the list of products are the top three.While the US trade deficit was 690.2 billion USD in 2010, it increased by 25% in the last 8 years and reached 862.7 billion USD in 2017. The trade deficit was 797.8 billion USD in the previous year, ie 2016, meaning the trade deficit grew 8.1% in 1 year. In the background of the unregulated and unilateral commercial decisions of the US under Trump's power, there are efforts to slow the US's rapidly growing foreign trade deficit.
US International trade surplus products
- Processed petroleum products: USD 29.9 billion (15.5 billion USD decline since 2010)
- Soybean: 21.2 billion USD (15.3% decline since 2010)
- Liquefied Petroleum gases (LPG): 10.8 billion USD (13.5 billion USD decrease since 2010)
- Machines for making semiconductor: 9.7 billion USD (43.5% increase since 2010)
- Solid fuels from coal, coal: 9.2 billion USD (11% increase since 2010)
- Egypt: 9.1 billion USD (6.6% decline since 2010)
- Gold (unprocessed): 8.7 billion USD (195.2% increase since 2010)
- Hazelnut: 7 billion USD (88% increase since 2010)
- Cotton (without card, uncomfortable): 5.8 billion USD (1.6% increase since 2010)
- Wheat: 5.4 billion USD (12.4% decrease since 2010)
Despite the fact that the oil and petroleum products exported by the United States are still important and leading to more than 50% of processed petroleum products compared to 2010, the annual trade surplus resulting from the trade in liquefied petroleum gases decreased by more than 100%.
The income arising from the gold export / import statistics increased by 195% in hazelnuts with an increase of 88%.
US International Trade Deficit
The 10 product categories listed below are evolving into US $ 525.1 billion of the 2017 foreign trade deficit. Although the US imports imported crude oil products as processed petroleum products, imports such as cars, smart phones, computers are only made for domestic consumption. These products are the main categories that have led to the rapid growth of the foreign trade deficit in the US economy.- Cars: -126 billion USD (63% increase since 2010)
- Crude oil: - 117.2 billion USD (-55.7% decrease since 2010)
- Phone system devices including smartphones: - 79.1 billion USD (63.3% increase)
- Computers, optical readers: - 59.6 billion USD (25.6% increase)
- Drug mixes in dosage: - 44.9 billion USD (67.8% increase)
- Various furniture: - 22.4 billion USD (65.5% increase)
- Auto parts / accessories: - 21.7 billion USD (102.7% increase)
- Seats (excluding barber / dental chair): - 20.4 billion USD (63.4%)
- TV receivers / monitors / projectors: - 19.8 billion USD (35.4% decrease)
- Turbo jets: - 14 billion USD (157.8% increase)
Since 2010, two of its traded products have declined. America's foreign trade deficit for crude oil decreased by 55.7%, while TV receivers, monitors and projectors decreased by 35.4%.
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