April 28, 2015
The U.S. is the second largest exporter in the world — but the only major exporter that has run goods trade deficits for more than two decades. Currency manipulation, weak trade laws and the failure to implement strategies to rebuild U.S. manufacturing are among the reasons for this damaging trade.
The U.S. ran a trade deficit of $67.4 billion combined in its top 30 exporting industries in 2013.
China, Germany and Japan ran sizable trade surpluses in the same 30 exporting industries, ranging from $223.2 billion in Japan to $647.7 billion in China.
Currency cheating, tariff and non-tariff barriers to U.S. exports, and the lack of a strategy for U.S. manufacturing development is driving the trade deficit.
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