The U.S. goods trade deficit hit $134.9 billion in September. Trump promised tariffs would fix this. What went wrong?

Peter Schiff:

“The Sept. U.S. trade deficit in goods was $134.9 billion, the highest ever recorded in Sept. There were only three months in history when the deficit was higher, all under Trump in 2025.

Here are the facts. Measured by the size of our trade deficits, Trump has been the worst president in history on trade. The tariffs have been a complete failure. Not only have they failed to bring manufacturing back to the U.S., but the U.S. is now more dependent than ever on foreign producers. Not only are we importing more than ever, but we are now paying Trump’s tariffs on those imports.

Trump says trade deficits represent a loss. Judged by his own standard, Trump is the biggest loser in the history of the presidency. Also, if the economy is booming as Republicans claim, why have our trade deficits gone way up? Why are the trade deficits under Trump so much larger than they were under Biden, when, according to Trump, we had the worst economy in U.S. history?

Here are the facts. When you compare Trump’s first two years to Biden’s last two, GDP growth and job creation are slower, inflation is higher, and budget and trade deficits are bigger. If Trump is right that under Biden we had the worst economy in history, and the Trump economy is objectively worse on all counts, then the Trump economy is now the worst economy in history.”

The Sept. U.S. trade deficit in goods was $134.9 billion, the highest ever recorded in Sept. There were only three months in history when the deficit was higher, all under Trump in 2025.

Here are the facts. Measured by the size of our trade deficits, Trump has been the worst…

— Peter Schiff (@PeterSchiff) October 28, 2026