Tag: US trade deficit
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US Trade Deficit Soars to Record High in 2022
The United States’ trade deficit soared to a record high of $948.1 billion in 2022, according to data released by the Commerce Department on February 7. The deficit was up from $845.0 billion in 2021 and is the largest on record since the government began tracking the data in 1960. The increase in the…
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US Trade Deficit vs. GDP Lost in World Economy Due to COVID-19
Introduction The US trade deficit has been on a steady increase over the past century, with the exception of a few periods of decline. In 2022, the US trade deficit reached a record high of $948.1 billion. This was an increase of 12.2% from 2021. The trade deficit is the difference between the value of…