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United States trade deficits from 1997 to 2021. Deficits are over 50 billion dollars as of 2021 with the countries shown. Data from the US Census Bureau.. The balance of trade of the United States moved into substantial deficit from the late 1990s, especially with China and other Asian countries.
As of November 2024, the U.S. government estimated the United States's trade deficit with Canada to be US$55 billion. [10] This trade deficit is largely driven by American demand for Canadian oil; when oil exports are excluded, the U.S. has a trade surplus with Canada. [10] Roughly 60 percent of the oil imported by the United States is sourced ...
In 2018, the year that a trade war with China was launched by U.S. President Donald Trump, the U.S. trade deficit in goods reached $891 billion, which was the largest on record [29] before the $1,183 billion deficit in the trade of goods recorded in 2021. [30]
A trade deficit occurs when a country imports more than it exports -- and that's a good thing for a national economy. Or a terrible thing. ... In the United States, the Bureau of Economic Analysis ...
The U.S. trade deficit in goods widened sharply in December, likely as businesses front-loaded imports in anticipation of broad tariffs from President Donald Trump's new administration. The goods ...
The politically sensitive goods trade deficit with China increased $4.9 billion to $27.2 billion. Exports to China fell $1.0 billion while imports advanced $3.9 billion.
The Economic Policy Institute, a left-leaning think tank, has claimed that free trade created a large trade deficit in the United States for decades which lead to the closure of many factories and cost the United States millions of jobs in the manufacturing sector. Trade deficits lead to significant wage losses, not only for workers in the ...
The U.S. trade deficit in goods widened to a 2-1/2-year high in September amid a surge in imports, prompting some economists to trim their economic growth estimates for the third quarter.