The manufacturing trade deficit is up significantly in the first two years of the Trump Presidency. Pretty clear that stimulus and a strong dollar has had a bigger effect than his trade protectionism.

Stimulus has meant strong import growth. Strong dollar has meant weak export growth. Shows up clearly in the nominal data.

Deficit in goods trade ex ag and petrol is closing in a on a trillion dollars (tis just under 5% of GDP)
And since the strong dollar is holding down import prices, the "real" change is likely even bigger ...

Export growth hasn't kept up with import growth since the dollar appreciated in 2014. In fact exports of manufactures haven't grown at all in last 4 years
I know there are technical problems with this measure but it still gives some indication of scale; the "real" non-petrol goods deficit (ex ag) is up $180b (e.g. just under a pp of GDP) in Trump's first 7 quarters.

& that follows on a big increase after the dollar's 14/15 move
p.s. adding services here wouldn't change much (and there isn't any true data for most services for q3, a lot of services trade is estimated in the monthly data)
adjustment that matters is taking out petrol --

real petrol deficit fell in 2017 (less so in 2018)

and huge swing in real and nominal over time

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🌿𝑻𝒉𝒆 𝒔𝒕𝒐𝒓𝒚 𝒐𝒇 𝒂 𝑺𝒕𝒂𝒓 : 𝑫𝒉𝒓𝒖𝒗𝒂 & 𝑽𝒊𝒔𝒉𝒏𝒖

Once upon a time there was a Raja named Uttānapāda born of Svayambhuva Manu,1st man on earth.He had 2 beautiful wives - Suniti & Suruchi & two sons were born of them Dhruva & Uttama respectively.
#talesofkrishna https://t.co/E85MTPkF9W


Now Suniti was the daughter of a tribal chief while Suruchi was the daughter of a rich king. Hence Suruchi was always favored the most by Raja while Suniti was ignored. But while Suniti was gentle & kind hearted by nature Suruchi was venomous inside.
#KrishnaLeela


The story is of a time when ideally the eldest son of the king becomes the heir to the throne. Hence the sinhasan of the Raja belonged to Dhruva.This is why Suruchi who was the 2nd wife nourished poison in her heart for Dhruva as she knew her son will never get the throne.


One day when Dhruva was just 5 years old he went on to sit on his father's lap. Suruchi, the jealous queen, got enraged and shoved him away from Raja as she never wanted Raja to shower Dhruva with his fatherly affection.


Dhruva protested questioning his step mother "why can't i sit on my own father's lap?" A furious Suruchi berated him saying "only God can allow him that privilege. Go ask him"