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U.S. Trade Deficit Climbs to Its Highest Level in 14 Years

Source:Iris Liang Time:2020-10-8 15:36:17

On October 6, local time, according to the U.S. Census Bureau, the U.S. trade deficit widened to more than 67 billion U.S. dollars in August, the highest level in 14 years. Since February, the US trade deficit has been rising from US$37 billion before the epidemic swept the US. 

After the outbreak of the epidemic, the blockade measures imposed severely hit the US foreign trade. Since the US spring ban, the deficit has been increasing every month except for June. The substantial increase in imports is also one of the main reasons that pushed the US's monthly trade deficit to a 14-year high. Data show that the total US imports from all countries in July were 231.7 billion U.S. dollars, and in August it rose to 239 billion U.S. dollars.

Chris Rupki, chief financial economist at Mitsubishi UFJ Financial Group, said that consumers and companies are eager to buy more imported goods, while U.S. trading partners buy fewer goods, which has caused the monthly deficit to soar to close to a breakthrough. Record level. In addition to competition brought about by economic globalization, there is also the optimal allocation of global resources, allowing countries to be responsible for the production of their most advantageous products, to achieve the lowest cost, and to exchange resources so that resources can be reasonably allocated. SEKO Machinery is located in Foshan, not only has a strong supply chain, but also Foshan, as a mature stainless steel pipe production base in China, allows us to maintain communication with excellent steel pipe manufacturers in the industry. These conditions have helped us to achieve the industry's leading thermal insulation type bright annealing solution furnace for steel tubes. If you have any questions or needs about welded pipe annealing equipment, please feel free to contact us.

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Iris Liang
SEKO Machinery & Technology Co., Ltd
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