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The balance of trade of the United States moved into substantial deficit from the late 1990s, especially with China and other Asian countries. This has been accompanied by a relatively low savings ratio and high levels of government and corporate debt. Debate continues over the causes and impacts of this trade deficit, and the nature of any ...
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] By the end of the Trump presidency, the trade war was widely characterized as a ...
World map by current account balance (% of GDP), 2023, according to World Bank [1]. This is the list of countries by current account balance, expressed in current U.S. dollars and as percentage of GDP, based on the data published by World Bank, United Nations Conference on Trade and Development and Organisation for Economic Co-operation and Development.
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.
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.
Even after the agreement, the average U.S. tariff on China imports remained at about 19.3%, more than six times its level of 3% before Trump launched the tariff war.
The following table shows the value of total annual merchandise exports and imports, expressed in millions of United States dollars (current prices), and the resulting trade balance, according to United Nations Conference on Trade and Development (UNCTAD), [2] World Trade Organization (WTO), [3] and World Bank (WB). [4] [5] [6]
The politically sensitive goods trade deficit with China narrowed $2.6 billion to $24.7 billion, with exports rising and imports decreasing. The goods trade gap with Canada also contracted, but ...