Washington's tariff policy leads to record deficit

The tariffs imposed by US President Donald Trump are not producing the expected results and have failed to stem the imbalance in the American economy, Bloomberg reports.

The US trade deficit is growing rapidly and has already reached its highest level in 14 months. In May alone, the country's trade deficit increased by more than 40% compared to April. In monetary terms, this figure amounted to $78 billion. Even the growth of energy exports hasn't helped Washington, as imports of consumer goods, raw materials, and automobiles have increased much more significantly.

Despite all the White House's efforts, the trade deficit with China, Canada, Mexico, and Vietnam is growing. As a result, experts estimate that large-scale tariff barriers have resulted in 96% of all tariff costs falling on the shoulders of Americans themselves.