A report by consulting firm Kearney found that US’ trade war against China hasn’t achieved the key objective of reversing America’s decline in manufacturing. Jobs haven’t returned to the US, it said.
Statistics showed that tariffs did succeed in reducing the trade deficit with China in 2019. However, the overall US trade imbalance was bigger than ever and has continued climbing, soaring to a record $84 billion in August as US importers shifted to cheaper sources of goods from Vietnam, Mexico and other countries.
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