President Donald Trump has a goal of reducing America’s reliance on the import of foreign goods. By any measure, this won’t be an easy task for the simple reason that the U.S. economy as a whole imports many more goods and services than it creates at home for export out of the country.
According to data compiled by Statista, the trade deficit has been in fact much bigger in the past and has actually stagnated at a high level over the past three years. The problem is that some economists believe curbing the trade deficit will inflate prices at home, which creates a dilemma for the White House moving forward.
Moreover, the last time the United States saw its trade balance come down notably was immediately following the economic crisis, which had a worldwide impact of trade.
Annual Trade Balance
Here is a summary of the annual trade balance of goods and services at key points dating back to 1992, according to Statista.
- 1992: negative $39.2 billion.
- 2001 (recession): negative $361.5 billion.
- 2007 (recession): negative $708.7 billion.
- 2008 (beginning of recovery/expansion): negative $383.8 billion.
- 2014: negative $490 billion.
- 2015: negative $500 billion.
- 2016: negative $502 billion.
Related Link: U.S. Dollar Index Little Higher,Trade Deficit Rises
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