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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.
The trade deficit in terms of goods decreased by $123.4 billion from 2022 making it 1,059.6 billion in 2023. While for services this increased by $48 billion making it $279.8 billion in 2023. [3] The large decline in exports in 2020 has been attributed to the effects of COVID-19 pandemic. [4] Some key highlights of the 2020 data are:
The authority of Congress to regulate international trade is set out in the United States Constitution (Article I, Section 8, Paragraph 1): . The Congress shall have power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and to promote the general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform ...
2021 Clothing Sri Lanka: 13,082 2020 Clothing Iceland: 12,867 2022 Aluminium Zambia: 12,437 2022 Copper Kenya: 11,825 2021 Tea Papua New Guinea: 11,624 2021 Petroleum Bosnia and Herzegovina: 11,523 2022 Energy Trinidad and Tobago: 11,467 2021 Petroleum Brunei: 11,202 2021 Petroleum Mongolia: 10,989 2022 Copper Guinea: 10,265 2021 Gold
In 2022, the US imported $4 trillion in goods and services and exported $3 trillion. The country’s biggest trading partners were Mexico, China, and Canada.
This is a list of U.S. states, U.S. territories, and the District of Columbia by exports of goods and imports of goods as of 2018. [note 1]An export in international trade is a good or service produced in one country that is bought by someone in another country.
800-290-4726 more ways to reach us. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. ... Canada and Colombia are not trade wars. They are a response ...
The United States has a highly developed mixed economy. [44] [45] [46] It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). [47]As of 2024, it has the world's sixth highest nominal GDP per capita and eighth highest GDP per capita by PPP). [10]