US. Trade Deficits

Posted bybluesage82Posted inUncategorized, US national security, US trade imbalanceTags:

June 5 2023

Note the Trump years versus the Biden disaster.

This chart shows the net amount (imports to exports) of US goods and services from other countries. We are supporting the China economy, Mexico, Vietnam and many other countries in Southeast Asia and Europe. NAFTA and the Trans Pacific Partnership (signed by Obama) resulted in this huge trade imbalance. US manufacturing jobs left the US. led by Walmart and Amazon. More recently, Biden is buying oil and gas from outside the US. Many European countries have import tariffs on US goods.

Wind turbines, batteries, solar panels, semiconductor chips, and pharmaceuticals have grown this imbalance. Ironically, the IRS outsourced the processing of US. tax returns to India!

Many countries tried to levy import tariffs on US. goods and services. Trump successfully fought this practice and won. Fair trade policies should be on the Biden agenda.

Products and services vital to US security and healthcare must be sourced from within the US.

Published by bluesage82

I am a retired international business leader, current college professor, historian, macro economist and outdoorsman. I have lived in 7 US states and had long term stays Tokyo, London and Geneva. I have also worked for the US Dept. of Commerce and the State of Delaware Dept. of Public Instruction. I am a native of NY but grew up in VA. My wife and I have 7 children including 2 in-laws.

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