What Is a Trade Deficit?
America’s trade deficit surged to nearly $1 trillion in 2022 as consumption surged and inflation raised prices. But what exactly is a trade deficit? Countries import and export goods and services. They use income from what they export to buy from abroad. But typically, the import-export balance isn’t exact.
A trade deficit means a country is importing more than it exports. Trade deficits aren’t necessarily a bad thing.
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