Statement by President Biden on Trade in Goods and Services
Today we received additional news highlighting the strength of our economic recovery. US goods exports hit a record high in April, even after adjusting for inflation, which in turn reduced the trade deficit. While monthly trade data can be volatile, it suggests American businesses and farmers are selling record numbers of their goods overseas as we continue to do more in America.
In addition, one of the nation’s largest retailers has announced that it will take swift action to lower prices on certain products as spending by American families returns to more normal patterns. This is yet another indicator that our economy is starting to transition from a historic recovery to steady and stable economic growth.
The economic progress we’ve made hasn’t happened by accident – it’s a direct result of my economic plan to grow the economy from the bottom up and midstream and to untangle supply chains so that retailers can replenish inventory and American products can move more easily. through our ports. There is still work to be done to build on our historic recovery and reduce costs for families, without giving up the significant gains we have made over the past year. I will work with anyone serious about helping our economy transition to steady and stable economic growth.