Peter Schiff Says U.S. Trade Deficit Under Trump is "Worst in History"
Economist Peter Schiff claims the September U.S. trade deficit in goods was the highest ever recorded for that month, criticizing former President Trump's trade policies.
Peter Schiff, chief economist at Euro Pacific Asset Management, stated on X today that the September U.S.
Schiff's comments highlight ongoing debates about the effectiveness of trade policies and their impact on the national economy.
Schiff suggests that the rising trade deficits indicate increased U.S.
Peter Schiff, chief economist at Euro Pacific Asset Management, stated on X today that the September U.S. trade deficit in goods reached a historic high for the month. Posting on Wednesday, October 28, 2026, at 1:36 PM UTC, Schiff wrote, "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." He further asserted that, measured by trade deficits, Trump has been the "worst president in history on trade," calling the tariffs a "complete failure."
Schiff's comments highlight ongoing debates about the effectiveness of trade policies and their impact on the national economy. Discussions around economic indicators often precede major policy decisions or shifts in investor sentiment. While recent Gokhshtein coverage has focused on digital assets, such as Michael Saylor's views on Bitcoin's immunity to AI hacking and Michaël van de Poppe's Bitcoin breakout prediction, macroeconomic figures like trade deficits provide a broader economic context.
Schiff suggests that the rising trade deficits indicate increased U.S. dependence on foreign producers, contradicting claims of a booming economy. His analysis implies that current economic conditions, including GDP growth, job creation, and inflation, are objectively worse compared to a previous administration. Investors typically monitor such economic data for insights into national fiscal health and potential policy adjustments.
“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.”
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