U.S. Jan. merchandise trade deficit surged to 74.4B. Dec. deficit was revised up to 72.3B. Both imports and exports fell. The U.S. economy is weakening, and soaring trade deficits reflect an increasingly uncompetitive economy unable to produce the goods Americans consume.

U.S. Jan. merchandise trade deficit surged to 74.4B. Dec. deficit was revised up to 72.3B. Both imports and exports fell. The U.S. economy is weakening, and soaring trade deficits reflect an increasingly uncompetitive economy unable to produce the goods Americans consume.

— Peter Schiff (@PeterSchiff) February 27, 2018