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Peter Schiff: “American manufacturing has never been weaker, and America’s dependence on foreign goods and savings has never been greater.”

American manufacturing appears to be at a crossroads. With a 5.5% climb in November, the U.S. trade deficit made a new record high. U.S. exports weakened due to the coronavirus lockdowns. The goods trade gap widened to $84.8 billion in November after a $80.4 billion gap in October, according to the government.

While imports rose 5.5% compared with a year earlier, exports rose less than 1% to $127.2 billion, down 6.6% compared with one year ago. Large U.S. trade deficits have haunted the economy for years, and the coronavirus lockdowns–mostly in Democrat run states–have exacerbated things. 

The Nov. merchandise trade deficit surged to $84.8 billion, a new all-time record high,” wrote U.S. economist Peter Schiff. “American manufacturing has never been weaker, and America’s dependence on foreign goods and savings has never been greater. Despite his campaign promise to make America great again by reducing the trade deficit, the trade deficit is greater than ever.  Instead of making America great Trump made the trade deficit great. As a result, America is further from greatness than ever before. This means Biden will inherit a far greater bubble from Trump than the bubble Trump inherited from Obama.”