By far the largest bilateral trade imbalance is with China. The United States ran a $419 billion goods deficit with China in 2018.
Which country has the largest trade deficit with the United States?
Year-to-Date Deficits
| Rank | Country | Deficit |
|---|---|---|
| 1 | China | -26.3 |
| 2 | Mexico | -9.6 |
| 3 | Vietnam | -6.8 |
| 4 | Germany | -6.3 |
Which country has the highest trade deficit?
Top 20 countries with the largest deficit
| Rank | Country | Year |
|---|---|---|
| 1 | United States | 2017 EST. |
| 2 | United Kingdom | 2019 Q3 Only |
| 3 | India | 2018-19 EST. |
| 4 | Canada | 2017 EST. |
Does the US have the largest trade deficit in history?
The current record trade deficit was set in 2018, at $878.68 billion. That was, in fact, a record year for trade, the first above $4 trillion. But U.S. trade, while remaining above $4 trillion in 2019, fell — and the deficit fell to $853.23 billion.
What is the United States trade deficit?
The U.S. Census Bureau reported recently that the U.S. goods trade deficit reached a record of $915.8 billion in 2020, an increase of $51.5 billion (6.0%).
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Growing U.S. goods trade deficits, 1997–2020.
| U.S. goods trade deficit | Manufacturing trade deficit | |
|---|---|---|
| 2020 | $915.80 | $897.71 |
What 5 Nations does the US have the biggest trade deficit with?
Top Five Trade Partners
The two largest are China and Japan. Some of the largest deficits are with countries in the third category. They are Canada, Mexico, and Germany.
Why is US trade deficit so high?
The large U.S. trade deficit is fundamentally driven by larger economic factors — like the fact Americans spend more than they save and have to borrow from abroad to finance the difference, Lovely said. Trump’s $1.5 trillion tax cut in 2017 contributed to that problem by running up the U.S. budget deficit.
What country has the best trade?
Year-to-Date Total Trade
| Rank | Country | Exports |
|---|---|---|
| — | Total, All Countries | 1,578.9 |
| — | Total, Top 15 Countries | 1,078.7 |
| 1 | Canada | 300.3 |
| 2 | China | 122.0 |
Does any country have a surplus?
When a positive number is indicated (+), it will signify that the revenues exceeded the expenditures, which is called a budget surplus.
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Countries With The Highest Budget Surplus vs GDP.
| Rank | Country | Surplus (as % of GDP) |
|---|---|---|
| 1 | Tuvalu | 26.9 % |
| 2 | Macau | 25.2 % |
| 3 | Qatar | 16.1 % |
| 4 | Tonga | 12.4 % |
Has the US ever had a trade surplus?
The US last had a trade surplus in 1975.
Is the US trade deficit growing or shrinking?
The trade deficit dropped 1.7% to $616.8 billion last year, declining for the first time since 2013. That represented 2.9% of GDP, down from 3.0% in 2018. Goods imports plunged 1.7% last year, also the first decrease in three years.
Is US trade deficit a problem?
For many economists, however, the trade deficit has been scapegoated, and they argue that the trade deficit is not itself a problem for the U.S. economy. … This means that the U.S. pays little for its foreign borrowing, allowing it to finance its high consumption at low cost, which boosts global demand.
What is America’s trade deficit with China?
The politically sensitive deficit in the trade of goods with China fell 6.7% to $26.4 billion. So far this year, the United States has recorded a trade gap of $421.8 billion, up 5.7% from January-August 2019.
Why does US import more than export?
That means that Americans import $450 billion of goods and services more than they export to the rest of the world. … The real reason is that Americans are spending more than they produce. The overall trade deficit is the result of the saving and investment decisions of US households and businesses.