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What is Corrosive Effects of U.S. Trade Deficit about?

1) The US trade deficit in 2007 was $738.6 billion, exceeding 5.3% of GDP, with massive deficits in goods trade, especially with China and in petroleum and automotive products. 2) To finance this deficit, Americans are borrowing over $600 billion per year from foreign governments and investors, accumulating over $6.5 trillion in external debt. 3) These large and persistent trade deficits reduce US economic growth by shifting workers from high-productivity export and import industries, and by reducing inve

Author

Mark Welkie

Language

EN