BIDEN, comparing Trump’s record on trade with that of the Obama administration: “We have a trade deficit that’s larger with China than when we were there.” – interview on “60 Minutes,” Oct. 25.
THE FACTS: Biden’s claim is outdated and no longer true. The U.S. deficit in the trade of goods and services with China fell last year to $308 billion — the lowest since 2013 — as Trump slapped taxes on most Chinese imports to the United States. And the gap is down again so far this year.
In the first two years of the Trump presidency, however, the United States ran higher trade deficits with China — $380 billion in 2018 and $337 billion in 2017 — than any recorded during the Obama administration. The deficit was $310 billion in 2016, the last year of the Obama presidency.