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Donald Trump has big plans for the economy — and a big debt problem that will be a hurdle to delivering on them. Trump has bold ideas on tax cuts, tariffs and other programs, but high interest ...
Trump called the deal a "historical" agreement — and even bragged that China would buy not $200 billion in new goods and services but $300 billion. ... "The emergence of the COVID-19 pandemic ...
In a recent social media post, Trump railed against the state of the debt ceiling and called the deal that put it on the 2025 agenda "one of the dumbest political decisions made in years."
[13] [14] Trump left office with 3 million fewer jobs in the U.S. than when he took office, making Trump the only modern U.S. president to leave office with a smaller workforce though this was, in part, due to the COVID-19 pandemic. [11] Throughout his presidency, Trump mischaracterized the economy as the best in American history. [15]
The Trump tariffs, along with the impacts of COVID-19, were a major factor in declining trade between China and the U.S. in 2019 and 2020. [234]: 142 Trade between the two countries subsequently rebounded significantly, and as of 2021 merchandise trade was down only marginally from its record high in 2018. [234]: 142
The US has consistently imported more from China than it has exported to China, with the bilateral US trade deficit in goods with China rising to $375.6 billion in 2017. [24] This trade deficit is driven by a difference in saving rates between the US and China: Chinese households save more than 30 percent of disposable income on average ...
It would take nearly $8 trillion in budget cuts merely to stabilize the national debt so it does not grow faster than the economy.
[132]: 44 After the global financial crisis of 2007-2008, Chinese policymakers and the general public viewed China's holdings of US debt as unwisely overexposing China to volatility. [323]: 61–62 China remains a major holder of United States treasury securities, although the amount has decreased as of at least 2022. [324]