#us-trade-deficits

#us-trade-deficits

We should not let the follies of Trump's tariffs overshadow the follies of the gung-ho globalization that preceded them. So said the award-winning economist James K. Boyce in a recent interview. In 2022, the most recent year that data is available, the US trade deficit totaled $971 billion or 3.77 percent of the GDP. The last US trade surplus was in 1975.