The US President Donald Trump and his advisors have repeatedly said that they intended to get rid of the US trade deficit.
1. What are the main industries responsible for this trade deficit? Support your answer with numbers
2. What are the main countries responsible for this trade deficit? Support your answer with numbers
3. As of April 8th 2018, list the goods and the countries for which the US has decided to create new tariffs. For these goods, what are the amounts currently imported by the US?
4. List the US goods for which China has decided to create new tariffs. For these goods, what are the amounts currently imported by China?
5. Assume that the new tariffs will decrease both US exports to China and Chinese exports to the US by 30% (only for the targeted goods). Building on your answer on questions 1 to 4, what would be the impact of the new tariffs on the US-China trade deficit? Support your answer with numbers.