As President Donald Trump railed against a growing trade deficit last year, two countries in Asia quietly cut their bilateral surpluses with the US It’s unclear what they got in return.
India and South Korea were among a handful of nations worldwide that narrowed their trade surpluses with the US in 2017 by raising imports of US goods, long before Trump announced tariffs aimed at offsetting the US deficit and balancing trade with partners.
Shortly after Trump’s inauguration in January 2017, South Korea said it would increase imports of US energy and high-tech machinery. It ended up more than doubling its purchases of US semiconductor manufacturing machinery last year to $6 billion, while imports of liquefied natural gas soared to $806 million from only $11 million in 2016, data from the Korea International Trade Association show. Read More…
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