America’s Economy is the world’s wealthiest and most powerful. Even macro-economists find it challenging to picture this as it is just so large. But the numbers speak for themselves. Since 1871 America has been the world’s largest economy. Indeed in 2018 it was measured at $20.58 trillion in 2018 in nominal terms.
For comprehension purposes the only way even macro-economists can fathom this enormity is by looking at GDP and labor force numbers as well as trade balances.
So let’s now look at trade balances. Last year goods and services trade deficit was valued at $616.8 billion; imports – $3.1 trillion and exports – $2.5 trillion – not the best figures. Adding insult to injury the trade deficit just for goods was $866 billion.
However, there was still a decline in the overall trade deficit for America in 2019 so that is definitely a good sign. Moreover, the US’s goods deficit with China declined too. Still, experts believe that many more stringent policies must be put in place to further reduce the deficit.