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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.
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]
As of November 2024, the U.S. government estimated the United States's trade deficit with Canada to be US$55 billion. [7] 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. [7] Roughly 60 percent of the oil imported by the United States is sourced ...
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.
The richest country in the world has run a trade deficit every single year since 1976. The Economy and Your Money: ... In the United States, the Bureau of Economic Analysis (BEA) is the agency in ...
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 trade relationship of the United States with Canada is the largest in the world.. In 2023, the goods and services trade between the two countries totaled $923 billion. U.S. exports were $441 billion, while imports were $482 billion, resulting in a United States $41 billion trade deficit with Canada. [1]
The goods trade deficit with China widened to $26.9 billion from $24.7 billion in August. Trade subtracted 0.56 percentage point from gross domestic product in the third quarter.