[A]ccording to Goldman Sachs economists Blake Taylor and Alec Phillips, the ever-increasing US-China trade deficit is actually because of the tariffs.

"The trade deficit with China stands at an all-time high," the pair wrote in a note to clients on Thursday. "Exports declined sharply on a seasonally adjusted basis, extending their decline since retaliatory tariffs started to take effect in July, and imports continued to rise further. Unsurprisingly, we find that recently imposed tariffs have played a role in these changes." [...]

"US exports to China continued their sharp decline, a trend in place since the tariffs took effect over the summer," Taylor and Phillips said. "Declining exports alongside modestly increasing imports pushed the trade deficit with China to an all-time high in October."