KEEP PERSPECTIVE.
Yes, China has the largest deficit with the U.S. (since the year 2000 - so nothing new) - over $200 billion but our exports to all other countries increased 12.8% - that means U.S. companies are sending more things overseas, unfortunately, Americans are buying even more from non-U.S. companies to the tune of a 10.4% increase. Please note that 10.4 is less than 12.8 and that is a good trend.
Don't get hung up in "the numbers" - sometimes the % is just as important.
The $763.6 billion deficit for the total year reflected a $836.1 billion deficit in goods trade and a $72.5 billion surplus in trade in services, such as banking and insurance, where the United States has a competitive advantage over other countries.
Total exports of goods and services jumped 12.8 percent last year to an all-time high of $1.44 trillion. Imports, however, also set a record, rising by 10.4 percent to an all-time high of $2.20 trillion.
In addition to China, other countries which set record trade gaps with the United States last year were Japan, an imbalance of $88.4 billion and Mexico, at $64.1 billion.
The deficit with Canada, America's largest trading partner, was $72.8 billion while the deficit with the European Union was $138.5 billion.
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.