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Trump Ups War Against Trade Deficit

By Prathapan - Feb 20, 2025, 07:58 AM ET
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America's growing trade deficit was a major campaign point for Trump against Vice President Kamala Harris.

America’s trade gap has risen to $918.4 billion with China and EU at the top enjoying the highest positive trade balance

Ever since Donald Trump returned to the White House as president for a second term, America’s international trade deficit or trade imbalance has been in the news. A trade deficit occurs when the balance of payment, which is the difference between the value of a country’s imports and the value of its exports, turns negative. The US closed 2024 with a deficit in international trade in goods and services of $918.4 billion, up $133.5 billion from the previous year’s $784.9 billion, according to the Bureau of Economic Analysis. 

The country’s growing trade deficit was a major campaign point for Trump against Vice President Kamala Harris. The Joe Biden administration (2021-2024) had seen the deficit grow to $918.4 billion in 2024 from $784.9 billion in 2023. The deficit was $653.7 billion by 2020 end.

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Countries with positive trade balance

Trump has called out all major markets with whom America has enormous deficits and has threatened to intervene with a tariff regime to remedy the situation. 

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