AP FACT CHECK: Trump on trade and manufacturing
WASHINGTON (AP) — President Donald Trump is presenting a skewed picture of the decline of manufacturing in making his case for import penalties that could spark a trade war. Here's a look at his latest statement on the subject as he prepares to impose heavy tariffs on foreign steel and aluminum this week:
TRUMP: "From Bush 1 to present, our Country has lost more than 55,000 factories, 6,000,000 manufacturing jobs and accumulated Trade Deficits of more than 12 Trillion Dollars. Last year we had a Trade Deficit of almost 800 Billion Dollars. Bad Policies & Leadership. Must WIN again!"
THE FACTS: Trump persistently miscasts the trade balance, citing the U.S. deficit in goods and ignoring the U.S. surplus in services.