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Monday, May 5, 2025
6 noteworthy moments from Trump's "Meet the Press" interview
The wide-ranging interview saw Trump expound on everything from a planned military parade in June, the possibility of a third term, and his views on Canada and Greenland's future...
https://www.axios.com/2025/05/04/trump-economy-tariffs-canada
Fact-checking Donald Trump's May interview with 'Meet the Press'
…Trump claimed that the trade deficit under Biden meant that "we lost 5 to 6 billion dollars a day."
This is a mischaracterization of the data: The annual trade deficit for the U.S. in 2024 was about $918 billion, according to government figures. Sliced up in an average daily rate, that would be about $2.5 billion a day — less than Trump's claims.
More importantly, however, trade experts take issue with Trump's characterization of a trade deficit as "losing" money. A trade deficit refers to when a country is buying more goods and services from another nation than it is selling back to that nation. While it is integrally related to manufacturing, it has nothing to do with the concept of a nation making or losing money, and economic experts have explained that a trade deficit doesn't necessarily mean the U.S. is losing money.
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