U.S. Commodity Trade Statistics
Conclusions
In comparing the results of this project with historical events, I realized how much tariff and industrial policy can distort incentives and economic output. The United States' practice of low trade barriers and limited tariffs solidifies its role as a leading commodity trader. As a consequence of this practice, however, the U.S. operates at a massive trade deficit with China and the rest of the world. It is possible, though, that this trade deficit simply reflects the fact that U.S. citizens are wealthy enough to purchase more consumer goods than their native country produces. Even so, chronic trade deficits that never equilibrate can lead to a hemorrhaging of a country's manufacturing and industrial base. Over time, it becomes impossible for U.S. companies to compete with foreign enterprise who conduct business at a favorable tariff rate. This might explain this acceleration of the United States' trade deficit with major trading partners that was shown in the analysis above.
Sources
https://www.kaggle.com/unitednations/global-commodity-trade-statistics
Link to Github and Code below:
https://github.com/mwp42/RShiny_project