The U.S. Trade Balance: Then and Now

Summary

Total U.S. trade accounts for nearly 30% of GDP (net importer of goods but a net exporter of services). Nonpetroelum goods deficit has returned to the pre-crisis peak as global imbalances linger, yet we could see a petroleum goods surplus in the near future. Current and pending free trade agreements have the potential to boost global growth and keep imbalances in check

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