Foreign trade of the United States

Foreign trade of the United States comprises the international imports and exports of the United States, one of the world's most significant economic markets. The country is among the top three global importers and exporters.

The regulation of trade is constitutionally vested in the United States Congress. After the Great Depression, the country emerged as among the most significant global trade policy-makers, and it is now a partner to a number of international trade agreements, including the General Agreement on Tariffs and Trade (GATT) and the International Trade Organization (ITO). Gross U.S. assets held by foreigners were $16.3 trillion as of the end of 2006 (over 100% of GDP).

Introduction

The country has trade relations with many other countries. Within that, the trade with Europe and Asia is predominant. To fulfill the demands of the industrial sector, the country has to import mineral oil and iron ore on a large scale. Machinery, cotton yarn, toys, mineral oil, lubricants, steel, tea, sugar, coffee, and many more items are traded. The country's export list includes food grains like wheat, corn, and soybean. Aeroplane, cars, computers, paper, and machine tools required for different industries.

History

The Constitution gives Congress express power over the imposition of tariffs and the regulation of international trade. As a result, Congress can enact laws including those that: establish tariff rates; implement trade agreements; provide remedies against unfairly traded imports; control exports of sensitive technology; and extend tariff preferences to imports from developing countries. Over time, and under carefully prescribed circumstances, Congress has delegated some of its trade authority to the Executive Branch. Congress, however, has, in some cases, kept tight reins on the use of this authority by requiring that certain trade laws and programs be renewed; and by requiring the Executive Branch to issue reports to Congress to monitor the implementation of the trade laws and programs.^[1]

The authority of Congress to regulate international trade is set out in Article I, Section 8, Paragraph 1 of the United States Constitution:

The Congress shall have power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and to promote the

general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

Embargo Act of 1807 was designed to force Britain to rescind its restrictions on American trade, but failed, and was repealed in early 1809.

During the Civil War period, leaders of the Confederacy were confident that Britain would come to their aid because of British reliance on Southern cotton.^[2] The Union was able to avoid this, through skillful use of diplomacy and threats to other aspects of European-U.S. trade relations.

While the United States has always participated in international trade, it did not take a leading role in global trade policy-making until the Great Depression. Congress and The Executive Branch came into conflict in deciding the mix of trade promotion and protectionism. In order to stimulate employment, Congress passed the Reciprocal Trade Agreements Act of 1934, allowing the executive branch to negotiate bilateral trade agreements for a fixed period of time. During the 1930s the amount of bilateral negotiation under this act was fairly limited, and consequently did little to expand global trade.

Near the end of the Second World War U.S. policy makers began to experiment on a broader level. In the 1940s, working with the British government, the United States developed two innovations to expand and govern trade among nations: the General Agreement on Tariffs and Trade (GATT) and the International Trade Organization (ITO). GATT was a temporary multilateral agreement designed to provide a framework of rules and a forum to negotiate trade barrier reductions among nations.

The growing importance of international trade led to the establishment of the Office of the U.S. Trade Representative in 1963 by Executive Order 11075, originally called The Office of the Special Representative for Trade Negotiations.^[3]

Trade policy

Deteriorating U.S. net international investment position (NIIP) has caused concern among economists over the effects of outsourcing and high U.S. trade deficits over the long-run.^[4]

United States balance of trade (1980–2014), with negative numbers denoting a trade deficit

China gains entry to the WTO as Most favoured nation in early 2000s.

United States trade policy has varied widely through various American historical and industrial periods. As a major developed nation, the U.S. has relied heavily on the import of raw materials and the export of finished goods. Because of the significance for American economy and industry, much weight has been placed on trade policy by elected officials and business leaders.^[5]

The 1920s marked a decade of economic growth in the United States following a Classical supply side policy.^[6] U.S. President Warren Harding signed the Emergency Tariff of 1921 and the Fordney–McCumber Tariff of 1922. Harding's policies reduced taxes and protected U.S. business and agriculture.^[7] Following the Great Depression and World War II, the United Nations Monetary and Financial Conference brought the Bretton Woods currency agreement followed by the economy of the 1950s and 1960s. In 1971, President Richard Nixon ended U.S. ties to Bretton Woods, leaving the U.S. with a floating fiat currency. The stagflation of the 1970s saw a U.S. economy characterized by slower GDP growth. In 1988, the United States ranked first in the world in the Economist Intelligence Unit "quality of life index" and third in the Economic Freedom of the World Index.^[8]

Over the long run, nations with trade surpluses tend also to have a savings surplus. The U.S. generally has developed lower savings rates than its trading partners, which have tended to have trade surpluses. Germany, France, Japan, and Canada have maintained higher savings rates than the U.S. over the long run.^[9]

Some economists believe that GDP and employment can be dragged down by an over-large deficit over the long run.^[10][11] Others believe that trade deficits are good for the economy.^[12] The opportunity cost of a forgone tax base may outweigh perceived gains, especially where artificial currency pegs and manipulations are present to distort trade.^[13]

In 2006, the primary economic concerns focused on: high national debt ($9 trillion), high non-bank corporate debt ($9 trillion), high mortgage debt ($9 trillion), high financial institution debt ($12 trillion), high unfunded Medicare liability ($30 trillion), high unfunded Social Security liability ($12 trillion), high external debt (amount owed to foreign lenders) and a serious deterioration in the United States net international investment position (NIIP) (-24% of GDP),^[4] high trade deficits, and a rise in illegal immigration.^[14][15]

These issues have raised concerns among economists and unfunded liabilities were mentioned as a serious problem facing the United States in the President's 2006 State of the Union address.^[15][16] On June 26, 2009, Jeff Immelt, the CEO of General Electric, called for the U.S. to increase its manufacturing base employment to 20% of the workforce, commenting that the U.S. has outsourced too much in some areas and can no longer rely on the financial sector and consumer spending to drive demand.^[17]

In 1985, the U.S. had just began a growing trade deficit with China. During the 1990s, the U.S. trade deficit became a more excessive long-run trade deficit, mostly with Asia. By 2012, the U.S. trade deficit, fiscal budget deficit, and federal debt increased to record or near-record levels following the implementation of broad unconditional or unilateral U.S. free trade policies and formal trade agreements in the preceding decades.^[18][19]

The US last had a trade surplus in 1975.^[20] However, recessions may cause short-run anomalies to rising trade deficits. The balance of trade in the United States has been a concern among economists and business people. Warren Buffett, founder of Berkshire Hathaway, was quoted in the Associated Press (January 20, 2006) as saying "The U.S trade deficit is a bigger threat to the domestic economy than either the federal budget deficit or consumer debt and could lead to political turmoil... Right now, the rest of the world owns $3 trillion more of us than we own of them."

In both a 1987 guest editorial to the Omaha-World Herald and a more detailed 2003 Fortune article, Buffett proposed a tool called Import Certificates as a solution to the United States' problem and ensure balanced trade. "The rest of the world owns a staggering $2.5 trillion more of the U.S. than we own of other countries. Some of this $2.5 trillion is invested in claim checks—U.S. bonds, both governmental and private— and some in such assets as property and equity securities."^[21]

Today the United States' largest trading partner is Canada.^[22] China has seen substantial economic growth in the past 50 years and though a nuclear-security summit that took place in early 2010 president Obama hoped to insure another 50 years of growth between the two countries. On April 19, 2010, President Barack Obama met with China's President Hu Jintao to discuss trade policies between the two countries.^[23]

Though the US trade deficit has been stubborn, and tends to be the largest by dollar volume of any nation, even the most extreme months as measured by percent of GDP there are nations that are far more noteworthy. Case in point, post 2015 Nepal Earthquake, Nepal's trade gap (in goods & services) was a shocking 33.3% of GDP^[24] although heavy remittances considerably offset that number.

Customs territory

The main customs territory of the United States includes the 50 states, the District of Columbia, and the territory of Puerto Rico, with the exception of over 200 foreign trade zones designated to encourage economic activity. People and goods entering this territory are subject to inspection by U.S. Customs and Border Protection. The remaining insular areas are separate customs territories administered largely by local authorities:

• American Samoa
• Guam
• Northern Mariana Islands
• United States Minor Outlying Islands (mostly uninhabited)
• United States Virgin Islands

Transportation of certain living things or agricultural products may be prohibited even within a customs territory. This is enforced by U.S. Customs and Border Protection, the federal Animal and Plant Health Inspection Service, and even state authorities such as the California Department of Food and Agriculture.

Investment in the United States

Account balance as of 2006^[25]

Gross U.S. assets held by foreigners were $16.3 trillion as of the end of 2006 (over 100% of GDP). The U.S. net international investment position (NIIP)^[26] became a negative $2.5 trillion at the end of 2006, or about minus 19% of GDP.^[4][27]

This figure rises as long as the US maintains an imbalance in trade, when the value of imports substantially outweighs the value of exports. This external debt does not result mostly from loans to Americans or the American government, nor is it consumer debt owed to non-US creditors. It is an accounting entry that largely represents US domestic assets purchased with trade dollars and owned overseas, largely by US trading partners.^[4]

For countries like the United States, a large net external debt is created when the value of foreign assets (debt and equity) held by domestic residents is less than the value of domestic assets held by foreigners. In simple terms, as foreigners buy property in the US, this adds to the external debt. When this occurs in greater amounts than Americans buying property overseas, nations like the United States are said to be debtor nations, but this is not conventional debt like a loan obtained from a bank.^[4][26]

If the external debt represents foreign ownership of domestic assets, the result is that rental income, stock dividends, capital gains and other investment income is received by foreign investors, rather than by U.S. residents. On the other hand, when American debt is held by overseas investors, they receive interest and principal repayments. As the trade imbalance puts extra dollars in hands outside of the U.S., these dollars may be used to invest in new assets (foreign direct investment, such as new plants) or be used to buy existing American assets such as stocks, real estate and bonds. With a mounting trade deficit, the income from these assets increasingly transfers overseas.^[4][26]

Of major concern is the magnitude of the NIIP (or net external debt), which is larger than those of most national economies. Fueled by the sizable trade deficit, the external debt is so large that economists are concerned over whether the current account deficit is unsustainable. A complicating factor is that trading partners such as China, depend for much of their economy on exports, especially to America. There are many controversies about the current trade and external debt situation, and it is arguable whether anyone understands how these dynamics will play out in a historically unprecedented floating exchange rate system. While various aspects of the U.S. economic profile have precedents in the situations of other countries (notably government debt as a percentage of GDP), the sheer size of the U.S., and the integral role of the US economy in the overall global economic environment, create considerable uncertainty about the future.^[4][26]

According to economists such as Larry Summers and Paul Krugman, the enormous inflow of capital from China is one of the causes of the global financial crisis of 2008–2009. China had been buying huge quantities of dollar assets to keep its currency value low and its export economy humming, which caused American interest rates and saving rates to remain artificially low. These low interest rates, in turn, contributed to the United States housing bubble because when mortgages are cheap, house prices are inflated as people can afford to borrow more.^[28][29]

Trade agreements

  The United States

  Current Bilateral/Multilateral FTA's

  Proposed Bilateral/Multilateral FTA's

The United States is a partner to many trade agreements, shown in the chart below and the map to the right.

The United States has also negotiated many Trade and Investment Framework Agreements, which are often precursors to free trade agreements. It has also negotiated many bilateral investment treaties, which concern the movement of capital rather than goods.

The U.S. is a member of several international trade organizations. The purpose of joining these organizations is to come to agreement with other nations on trade issues, although there is domestic political controversy to whether or not the U.S. government should be making these trade agreements in the first place. These organizations include:

• World Trade Organization
• Organization of American States
• Security and Prosperity Partnership of North America

Internal institutions

American foreign trade is regulated internally by:

• United States Court of International Trade
• United States International Trade Commission

Imports and exports

• 

  Proportion of US exports to imports 1960–2004

• 

  U.S. exports of goods and services 1960–2004

• 

  U.S. imports of goods and services 1960–2004

<gallery mode="packed-hover" "Imports and exports by country" widths="180px" heights="180px" perrow="6"> Image:United_States_exports_to_other_countries.png|United States exported $1.44 trillion to other countries in 2014 Image:USexportsbycountry2004.gif|US exports of goods by country in 2004 (does not include exports of services) Image:USimportsbycountry2004.gif|US imports of goods by country in 2004 (does not include imports of services) Image:What_the_US_imports.png|United States imported $2.13 trillion from other countries in 2014 </gallery>

Imports/ Exports/ Trade Deficits of the United States in 2014 ($Millions) ^[30][31]

Country	Exports	Imports	Trade Deficit
China	123,676	446,754	343,078
European Union	276,142	418,754	142,059
Germany	49,363	123,260	73,897
Japan	66,827	134,004	67,117
Mexico	240,249	294,074	53,825
Canada	312,421	347,798	35,377
Saudi Arabia	18,705	47,041	28,336
Ireland	7,806	33,956	26,150
Italy	16,968	42,115	25,147
South Korea	44,471	69,518	25,047
India	21,608	45,244	23,636
Malaysia	13,068	30,420	17,352
France	31,301	46,874	15,573
Thailand	11,810	27,123	15,313
Taiwan	26,670	40,581	13,911
Switzerland	22,176	31,191	9,015
Israel	15,083	22,962	7,879
United Kingdom	53,823	54,392	569

U.S. trade with foreign countries

Country	2008 Trade balance (millions USD)	2009 Trade balance (millions USD)	2008 Exports[32] (millions USD)	2009 Exports[33] (millions USD)	2008 Imports[32] (millions USD)	2009 Imports[33] (millions USD)	2008 Total trade (millions USD)	2009 Total trade (millions USD)
TOTAL	-816198.7	-501190.1	1287442	1056894.9	2103640.7	1558085	3391082.7	2614979.9
Canada	-78341.6	-20210.9	261149.8	204699.8	339491.4	224910.7	600641.2	429610.5
China	-268039.8	-226826.1	69732.8	69576	337772.6	296402.1	407505.4	365978.1
Mexico	-64721.6	-47539.4	151220.1	128997.7	215941.6	176537	367161.7	305534.7
Japan	-74120.4	-44769.4	65141.8	51179.6	139262.2	95949	204404	147128.6
Germany	-42991.3	-27954.5	54505.3	43298.6	97496.6	71253.1	152001.9	114551.7
United Kingdom	-4988.3	-1772.2	53599.1	45713.7	58587.4	47485.9	112186.5	93199.6
Korea, South	-13400.4	-10595.1	34668.7	28640	48069.1	39235.1	82737.8	67875.1
France	-15209.2	-7511.9	28840.1	26522.3	44049.3	34034.2	72889.4	60556.5
Netherlands	18596.6	16244.2	39719.5	32347	21122.9	16102.8	60842.4	48449.8
Taiwan	-11399.8	-9942.3	24926.3	18432.4	36326.1	28374.6	61252.4	46807
Brazil	1845.7	6101.4	32298.7	26175.3	30452.9	20073.9	62751.6	46249.2
Italy	-20674.1	-14183.6	15460.8	12232.6	36135	26416.2	51595.8	38648.8
Singapore	11968.7	6619.9	27853.6	22278.5	15884.9	15658.6	43738.5	37937.1
India	-8022.3	-4713.7	17682.1	16462.4	25704.4	21176.2	43386.5	37638.6
Venezuela	-38813.6	-18734.6	12610	9359.8	51423.6	28094.4	64033.6	37454.2
Ireland	-23735.7	-20549.5	7610.8	7516.4	31346.5	28066	38957.3	35582.4
Belgium	11595.4	7849.1	28903.5	21629.7	17308.1	13780.6	46211.6	35410.3
Malaysia	-17786.6	-12877.4	12949.5	10401.5	30736.1	23278.8	43685.6	33680.3
Switzerland	4241.8	1466.3	22023.6	17499.1	17781.9	16032.9	39805.5	33532
Saudi Arabia	-42263.2	-11242.3	12484.2	10803.7	54747.4	22046	67231.6	32849.7
Israel	-7849	-9177	14486.9	9567.8	22335.8	18744.8	36822.7	28312.6
Australia	11629.8	11582.6	22218.6	19597.5	10588.8	8014.9	32807.4	27612.4
Thailand	-14471.7	-12164.4	9066.6	6920.8	23538.3	19085.2	32604.9	26006
Hong Kong	15015.2	17551.7	21498.6	21118.5	6483.4	3566.8	27982	24685.3
Russia	-17448.4	-12838.2	9334.6	5382.8	26783	18221	36117.6	23603.8
Nigeria	-33965.6	-15470.2	4102.4	3658	38068	19128.3	42170.4	22786.3
Colombia	-1655.9	-1862.2	11437.3	9457.8	13093.2	11319.9	24530.5	20777.7
Indonesia	-10154.7	-7832	5644.5	5106.4	15799.1	12938.5	21443.6	18044.9
Spain	1095.9	885.8	12189.8	8750.8	11093.9	7865	23283.7	16615.8
Vietnam	-10111.6	-9182.3	2789.4	3107.6	12901.1	12289.9	15690.5	15397.5
Chile	3661.5	3414.9	11857.4	9365.3	8196	5950.4	20053.4	15315.7
United Arab Emirates	13131.2	10610.5	14417.4	12107.3	1286.2	1496.8	15703.6	13604.1
Sweden	-7480.1	-3643	5018.3	4563.6	12498.3	8206.6	17516.6	12770.2
Philippines	-418.5	-1024.3	8294.9	5772.8	8713.3	6797.1	17008.2	12569.9
Algeria	-18111.6	-9609	1243.2	1108.8	19354.8	10717.8	20598	11826.6
Iraq	-20010	-7488.5	2069.8	1774.8	22079.8	9263.3	24149.6	11038.1
Angola	-16892.1	-7916	2019.2	1422.9	18911.3	9338.9	20930.5	10761.8
Turkey	5316.8	3426.9	9958.7	7089	4641.9	3662.1	14600.6	10751.1
South Africa	-3457.6	-1418	6490.5	4460.7	9948	5878.7	16438.5	10339.4
Costa Rica	1741.8	-897	5679.8	4704.4	3938.1	5601.4	9617.9	10305.8
Argentina	1714.3	1669.9	7536.3	5559.7	5822.1	3889.8	13358.4	9449.5
Ecuador	-5598.4	-1345.3	3450	3927	9048.4	5272.3	12498.4	9199.3
Peru	370.5	733.1	6183	4925.2	5812.5	4192.1	11995.5	9117.3
Austria	-5807.9	-3838.7	2649.1	2538.5	8457	6377.2	11106.1	8915.7
Dominican Republic	2616.5	1941	6594.4	5269.9	3977.8	3328.8	10572.2	8598.7
Norway	-4022.9	-2926.9	3292.2	2752.2	7315.1	5679.2	10607.3	8431.4
Denmark	-3735.4	-3503.3	2711	2058.5	6446.4	5561.8	9157.4	7620.3
Egypt	3631.8	3199.8	6002.2	5257.6	2370.4	2057.8	8372.6	7315.4
Trinidad and Tobago	-6780.1	-3234.3	2250.2	1989.1	9030.3	5223.4	11280.5	7212.5
Guatemala	1255.5	763.1	4718.3	3900.7	3462.7	3137.6	8181	7038.3
Honduras	805	60.1	4846.2	3384	4041.2	3324	8887.4	6708
Kuwait	-4373.6	-1830.8	2719.3	1951.8	7093	3782.6	9812.3	5734.4
Finland	-2142.4	-2318.7	3760.8	1665.6	5903.3	3984.3	9664.1	5649.9
Pakistan	-1693.2	-1538.6	1897.8	1624.9	3591.1	3163.5	5488.9	4788.4
New Zealand	-636.9	-397	2533.9	2160.5	3170.8	2557.5	5704.7	4718
Panama	4508.2	4053.8	4887.3	4358	379.1	304.2	5266.4	4662.2
Poland	1543.7	265.5	4130.6	2304.9	2586.9	2039.5	6717.5	4344.4
Bangladesh	-3280.4	-3265.1	468.1	434.9	3748.4	3700	4216.5	4134.9
El Salvador	234	197.3	2462	2019.3	2228	1822	4690	3841.3
Hungary	-1671.8	-992.7	1431	1231.7	3102.8	2224.4	4533.8	3456.1
Congo (Brazzaville)	-4889.1	-2827.9	184.6	277.1	5073.7	3105	5258.3	3382.1
Greece	932.6	1635.1	1931.6	2475.7	998.9	840.6	2930.5	3316.3
Bahamas	2155.1	1635.7	2759.5	2455.3	604.4	819.6	3363.9	3274.9
Qatar	2231.6	2214.4	2715.9	2720.2	484.3	505.8	3200.2	3226
Czech Republic	-1190.3	-951.3	1378.4	969.7	2568.7	1921	3947.1	2890.7
Equatorial Guinea	-3182.8	-2181	184.5	305.9	3367.3	2486.9	3551.8	2792.8
Portugal	194.5	-483.7	2646	1085.3	2451.4	1569	5097.4	2654.3
Netherlands Antilles	2142.3	1656	2951.6	2130.8	809.3	474.9	3760.9	2605.7
Libya	-3457.8	-1252.4	720.9	666.1	4178.6	1918.5	4899.5	2584.6
Nicaragua	-609.3	-896.2	1094.2	715	1703.6	1611.3	2797.8	2326.3
Azerbaijan	-4121.8	-1750.6	239.1	222	4360.9	1972.6	4600	2194.6
Kazakhstan	-617.9	-946.3	985.5	599.5	1603.4	1545.8	2588.9	2145.3
Jordan	-197.1	269.3	940.3	1193.4	1137.5	924.1	2077.8	2117.5
Morocco	557.1	1138.1	1435.9	1606.1	878.7	468	2314.6	2074.1
Cambodia	-2257.3	-1797.5	154.2	127.2	2411.5	1924.8	2565.7	2052
Chad	-3271.8	-1921.4	62.5	62.7	3334.3	1984.1	3396.8	2046.8
Oman	530.1	179.6	1382	1087.5	851.9	907.8	2233.9	1995.3
Jamaica	1914.7	983.2	2643.4	1448.3	728.7	465.1	3372.1	1913.4
Sri Lanka	-1678.7	-1364.1	283.3	229.5	1961.9	1593.6	2245.2	1823.1
Luxembourg	451.9	849.5	988	1292.1	536.1	442.6	1524.1	1734.7
Aruba	-2499	-832	680.3	446.2	3179.3	1278.2	3859.6	1724.4
Afghanistan	397	1395.4	481.6	1511.5	84.7	116.1	566.3	1627.6
Gibraltar	2639.3	1559	2640.7	1559.9	1.4	0.9	2642.1	1560.8
Lebanon	1364.8	1364	1463.8	1441	99.1	77	1562.9	1518
Romania	-58.5	-71.9	1048.2	671.6	1106.7	743.5	2154.9	1415.1
Paraguay	1531.5	1296.2	1609.9	1352.6	78.4	56.4	1688.3	1409
Gabon	-1994.5	-1059.9	284	170.8	2278.5	1230.7	2562.5	1401.5
Ukraine	-471.9	400.9	1868	890.1	2339.9	489.2	4207.9	1379.3
Haiti	493.9	239.6	944	791.7	450.1	552	1394.1	1343.7
Bahrain	290.6	205.1	829.5	668.6	538.9	463.5	1368.4	1132.1
Lithuania	81.2	-182.1	831.3	408	750	590.2	1581.3	998.2
Uruguay	648.7	505.2	893.1	744.4	244.3	239.2	1137.4	983.6
Côte d'Ivoire	-837.5	-538.5	254.1	206.2	1091.6	744.7	1345.7	950.9
Bolivia	-121.7	-72.9	389.3	431.7	511	504.5	900.3	936.2
Kenya	98.8	373.8	442.4	654.4	343.5	280.6	785.9	935
Slovakia	-753.5	-415	547.5	208.2	1301.1	623.2	1848.6	831.4
Tunisia	-141.6	176.3	502.4	502.1	644.1	325.8	1146.5	827.9
Bermuda	681.6	794.4	821.7	807.4	140.1	13	961.8	820.4
Ghana	386.2	499.5	608.4	634.3	222.2	134.8	830.6	769.1
Belarus	-935.4	-436.7	134.5	137.3	1069.9	574	1204.4	711.3
Cayman Islands	731.9	630.1	745.9	643.7	14	13.6	759.9	657.3
Slovenia	-156.9	-145.9	309.6	241.2	466.5	387.1	776.1	628.3
Syria	56.8	0.9	408.9	304	352.1	303.1	761	607.1
Cuba	711.5	533.3	711.5	533.4	0	0	711.5	533.4
Namibia	-20.9	-126.3	280.3	202.3	301.2	328.6	581.5	530.9
Iceland	228.8	170.4	469.5	349.5	240.7	179.1	710.2	528.6
Suriname	279.9	242.5	406.4	381.5	126.5	139	532.9	520.5
Croatia	196	-48.2	466.8	203.3	270.7	251.5	737.5	454.8
Bulgaria	118.7	-3.4	509.4	224.7	390.8	228.1	900.2	452.8
Macao	-608.7	-28	306.7	209.2	915.4	237.2	1222.1	446.4
Barbados	457	371.9	497.4	404.7	40.4	32.8	537.8	437.5
Georgia	378.7	294.2	586.5	363.8	207.8	69.6	794.3	433.4
Latvia	165.6	146	394	289	228.3	143	622.3	432
Guyana	142.7	91.8	288.5	260.7	145.8	168.9	434.3	429.6
Madagascar	-253.6	-87.5	70.8	165.9	324.3	253.4	395.1	419.3
Malta	-25.2	-25.7	253.4	192.9	278.6	218.5	532	411.4
Congo (Kinshasa)	-135.9	-250.7	130.3	79.9	266.2	330.5	396.5	410.4
Cameroon	-489	-96.1	125.1	153.6	614	249.8	739.1	403.4
Turkmenistan	-80.2	217.2	59.7	310.2	139.9	93	199.6	403.2
Benin	815.3	397.9	846.3	398.3	31	0.4	877.3	398.7
Ethiopia	149.3	163.1	301.6	276	152.2	112.9	453.8	388.9
Republic of Yemen	393.2	373.3	401.5	380.8	8.3	7.4	409.8	388.2
Belize	198.7	152.4	352.7	252.8	154	100.4	506.7	353.2
Iran	579	215.1	683.2	281.8	104.1	66.7	787.3	348.5
Estonia	-166.5	21	225.6	183.2	392.1	162.2	617.7	345.4
Lesotho	-372.8	-287.5	1.3	16.6	374.1	304.2	375.4	320.8
Papua New Guinea	-35.5	114.8	70	217.7	105.6	102.9	175.6	320.6
Martinique	281.2	263	288.8	268	7.7	5	296.5	273
Turks and Caicos Islands	424.1	237.3	434.4	247.9	10.3	10.6	444.7	258.5
British Virgin Islands	299.1	227	309.9	233	10.8	6	320.7	239
Mauritius	-125.1	-98.8	51.3	70	176.4	168.9	227.7	238.9
Unidentified (1)	183	233.7	183	233.7	0	(X)	183	233.7
Mozambique	196.6	151	213.4	189.8	16.8	38.8	230.2	228.6
Botswana	-156.7	-38.7	62.2	93.3	218.8	131.9	281	225.2
Cyprus	203.6	107.7	217.4	160.8	13.8	53	231.2	213.8
Guadeloupe	376.9	208.6	383.9	210.4	7	1.8	390.9	212.2
Tanzania	113.5	108.8	169.3	158.1	55.8	49.4	225.1	207.5
Liechtenstein	-215.7	-156.1	29.3	23.5	244.9	179.6	274.2	203.1
Timing Adjustment	0	-217.6	0	-8.8	0	208.8	0	200
Djibouti	133.8	193.8	140.8	196.7	7	2.9	147.8	199.6
Uzbekistan	8.4	7.9	300.7	97.4	292.2	89.5	592.9	186.9
Senegal	119.2	169	137.1	175.9	17.9	6.9	155	182.8
Liberia	13.2	14.6	156.7	95	143.5	80.4	300.2	175.4
Fiji	-106.8	-113	55	31.2	161.8	144.2	216.8	175.4
Serbia	135.7	48.4	207.4	110.6	71.6	62.2	279	172.8
Antigua and Barbuda	177.7	147.6	182.5	157	4.9	9.3	187.4	166.3
Niger	5.7	-48	50	58.2	44.3	106.3	94.3	164.5
Guinea	-4.6	27.6	101.8	94.9	106.4	67.3	208.2	162.2
St Kitts and Nevis	69.5	59.7	123.9	108.1	54.4	48.4	178.3	156.5
Armenia	108.7	-0.5	151.4	77.1	42.7	77.6	194.1	154.7
St Lucia	215	118.5	241	136.1	26	17.5	267	153.6
Uganda	35.8	88.2	88.5	119.1	52.7	30.9	141.2	150
French Polynesia	58	83.8	130.3	113	72.4	29.3	202.7	142.3
Brunei	-2.7	58.6	111.5	100.2	114.3	41.6	225.8	141.8
Togo	106	118.2	117.1	124.9	11.1	6.6	128.2	131.5
Swaziland	-121.8	-95	12.1	14.6	133.9	109.6	146	124.2
Zimbabwe	-19.1	63.4	92.9	85.5	112	22.1	204.9	107.6
Malawi	-20	-24.5	44.9	40.4	64.9	64.9	109.8	105.3
New Caledonia	38.9	50.9	89.1	77.9	50.2	27	139.3	104.9
Marshall Islands	5.9	63.9	25.1	77.6	19.3	13.7	44.4	91.3
Mauritania	60.3	21.5	106.6	56.3	46.3	34.8	152.9	91.1
Sudan	138.3	68.8	143.3	78.7	5	9.9	148.3	88.6
Nepal	-56.4	-23.7	28.5	31	84.9	54.7	113.4	85.7
Dominica	103	73.9	105.4	76.7	2.4	2.8	107.8	79.5
Macedonia (Skopje)	-41.6	-9.5	36.1	34.8	77.7	44.3	113.8	79.1
St Vincent and the Grenadines	81.7	76.2	82.7	77.4	1	1.2	83.7	78.6
Faroe Islands	-1.7	-51.9	14.3	9.9	16	61.8	30.3	71.7
Federated States of Micronesia	51	64.9	54.5	67.8	3.6	2.9	58.1	70.7
Zambia	27.2	50.3	78.7	58.8	51.5	8.5	130.2	67.3
Sierra Leone	11.6	18.2	59.4	42.5	47.7	24.3	107.1	66.8
Grenada	77.2	53.3	84.4	59.1	7.3	5.8	91.7	64.9
Laos	-24.1	-23	18.3	20.4	42.4	43.4	60.7	63.8
Albania	28.3	32.5	40	47.5	11.8	15	51.8	62.5
Anguilla	76.7	47.2	81	52.9	4.3	5.7	85.3	58.6
Kyrgyzstan	41.8	45.9	44.3	51.9	2.5	6	46.8	57.9
Monaco	40.5	-21.9	62.7	16.8	22.3	38.7	85	55.5
Mongolia	4.5	25.7	57.2	40.5	52.8	14.8	110	55.3
Montenegro	52.7	20.2	53.2	36.9	0.5	16.6	53.7	53.5
Rwanda	6.7	15	20.4	34.1	13.7	19.2	34.1	53.3
Tajikistan	43.2	32.7	51.4	41.2	8.2	8.5	59.6	49.7
Bosnia-Hercegovina	9.4	-3.6	34.1	21.3	24.7	24.9	58.8	46.2
Mali	25.8	33.1	30.9	36.8	5.1	3.7	36	40.5
Seychelles	19.6	27.8	25	34.1	5.4	6.3	30.4	40.4
Moldova	54	18.7	66.2	26.8	12.2	8.2	78.4	35
Gambia	28.2	32.4	28.9	33.7	0.6	1.2	29.5	34.9
Central African Republic	14.7	28.1	23.3	31.5	8.6	3.4	31.9	34.9
Tokelau	34	-4	39.3	13	5.4	17	44.7	30
Burkina	23.9	23.9	24.5	26	0.6	2.1	25.1	28.1
Western Samoa	8.6	13.9	13.3	18.7	4.7	4.8	18	23.5
Maldives	16.7	14.5	20.3	17.4	3.6	2.9	23.9	20.3
Reunion	5.1	1	8.4	9.4	3.3	8.5	11.7	17.9
French Guiana	17.9	16.7	18	16.8	0.1	0.1	18.1	16.9
Tonga	9.3	9.6	13.7	12.9	4.5	3.4	18.2	16.3
Palau	12.9	14.7	14.1	14.8	1.1	0.1	15.2	14.9
Greenland	28.8	-0.5	34.9	7.1	6.1	7.6	41	14.7
Burundi	4.4	4.6	7.3	8.7	2.8	4.1	10.1	12.8
Falkland Islands	-6.5	-5.9	0.8	2.4	7.3	8.3	8.1	10.7
Andorra	14.9	8.9	15.7	9.4	0.9	0.5	16.6	9.9
St Helena	-8.2	-3.2	2	2.9	10.2	6.1	12.2	9
San Marino	8.5	7.5	9.3	8.1	0.8	0.7	10.1	8.8
Vatican City	9	7.2	9.3	7.4	0.3	0.2	9.6	7.6
Cape Verde	11.9	5.6	12.2	6.4	0.4	0.8	12.6	7.2
Eritrea	14.7	6.2	14.9	6.7	0.1	0.5	15	7.2
Burma (Myanmar)	10.8	6.9	10.8	7	0	0.1	10.8	7.1
Heard and McDonald Islands	0.3	7.1	0.3	7.1	0	0	0.3	7.1
Montserrat	8.3	5	8.6	5.9	0.2	0.9	8.8	6.8
Solomon Islands	4	5.3	5.2	6	1.2	0.8	6.4	6.8
Vanuatu	62.5	2.1	63.8	3.9	1.3	1.8	65.1	5.7
Kosovo	0	4.7	0	5.1	0	0.4	0	5.5
Gaza Strip Administered by Israel	-2.2	-5.3	0.1	0	2.3	5.3	2.4	5.3
Somalia	64.1	3.8	64.3	4.1	0.2	0.3	64.5	4.4
São Tomé and Príncipe	3.1	3.8	3.3	4	0.1	0.2	3.4	4.2
Nauru	10.5	3.6	11.2	3.7	0.7	0.1	11.9	3.8
Comoros	-0.5	0.9	0.4	1.9	0.9	1.1	1.3	3
Bhutan	3.5	2.5	4	2.7	0.4	0.2	4.4	2.9
Cook Islands	1.7	1	2.8	2	1.1	0.9	3.9	2.9
Timor-Leste	5	2.3	5	2.4	0	0.1	5	2.5
West Bank Administered by Israel	-2.3	-1.2	0.3	0.6	2.6	1.8	2.9	2.4
British Indian Ocean Territories	-0.7	1.4	1.3	1.8	2.1	0.4	3.4	2.2
Cocos (Keeling) Island	-0.2	0.7	1	1.4	1.2	0.8	2.2	2.2
Kiribati	6.4	-0.3	7.3	0.8	0.9	1.1	8.2	1.9
Christmas Island	10.9	0.2	13	0.9	2.1	0.8	15.1	1.7
Guinea-Bissau	1.9	1.5	2.1	1.6	0.2	0	2.3	1.6
Norfolk Island	3.9	0.3	4	0.9	0	0.5	4	1.4
Mayotte	0	1.1	0.1	1.2	0	0	0.1	1.2
Niue	0.4	1.2	0.5	1.2	0.1	0	0.6	1.2
French Southern and Antarctic Lands	3.7	0.8	4.2	1	0.5	0.1	4.7	1.1
St Pierre and Miquelon	-0.6	-0.6	0.4	0.2	1	0.8	1.4	1
North Korea	52.2	0.9	52.2	0.9	0	0	52.2	0.9
Svalbard, Jan Mayen Island	2.2	0.9	2.2	0.9	0	0	2.2	0.9
Pitcairn Island	-0	0.5	0	0.6	0	0	0	0.6
Wallis and Futuna	0.7	0.5	0.7	0.5	0	0	0.7	0.5
Tuvalu	0	0.1	0.1	0.2	0.1	0.1	0.2	0.3
Western Sahara	0.1	0.2	0.1	0.2	0	0	0.1	0.2

See also

• Comparison of imports vs exports of the United States
• Federal Trade Commission Act
• Trade Act of 2002
• Trading with the Enemy Act 1917
• Trade wars
• Tariff in American history
• Mergers

References

1. Bolle, Mary Jane (2007-10-02). "U.S. Trade Statutes: Expiration Dates and Mandated Periodic Reports to Congress" (PDF). Retrieved 2008-07-24.This article incorporates text from this source, which is in the public domain.
2. U.S. Department of State, Office of the Historian Preventing Diplomatic Recognition of the Confederacy
3. International Trade and Investment art S. Fisher and Michael P. Malloy
4. Bivens, L. Josh (December 14, 2004). Debt and the dollar Economic Policy Institute. Retrieved on July 8, 2007.
5. See, e.g., Business Roundtable, World Business Leaders Urge Trade Ministers To Seize The Opportunity to Resurrect the Doha Round
6. Joseph A. Schumpeter, "The Decade of the Twenties", American Economic Review vol. 36, No. 2, (May, 1946), pp. 1-10 in JSTOR
7. "The Harding/Coolidge Prosperity of the 1920s". Calvin-coolidge.org. Retrieved 2009-03-30.
8. Star Parker (December 17, 2012).Tea Partiers must hang tough.Urbancure.com
9. The shift away from thrift.The Economist, April 7, 2005.
10. Free Trade Bulletin no. 27: Are Trade Deficits a Drag on U.S. Economic Growth? | Cato's Center for Trade Policy Studies Archived October 9, 2009, at the Wayback Machine.
11. Causes and Consequences of the Trade Deficit: An Overview Archived March 15, 2008, at the Wayback Machine.
12. Trade Deficits Good News for U.S. Economy
13. Bivens, Josh (September 25, 2006 ).China Manipulates Its Currency—A Response is Needed. Economic Policy Institute. Retrieved on February 2, 2010.
14. Phillips, Kevin (2007). Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism. Penguin. ISBN 978-0-14-314328-4.
15. Cauchon, Dennis and John Waggoner (October 3, 2004).The Looming National Benefit Crisis USA Today
16. George W. Bush (2006) State of the Union. Retrieved on April 17, 2009. Archived November 23, 2009, at the Wayback Machine.
17. Bailey, David and Soyoung Kim (June 26, 2009).GE's Immelt says U.S. economy needs industrial renewal.UK Guardian.. Retrieved on June 28, 2009. Archived August 15, 2009, at the Wayback Machine.
18. U.S. Trade in Goods and Services - Balance of Payments, 1960 through 2014
19. FTD - Statistics - Country Data - U.S. Trade Balance with World (Seasonally Adjusted)
20. http://usinfo.org/enus/economy/trade/docs/06s1288.xls
21. America's Growing Trade Deficit Warren E. Buffett
22. https://www.census.gov/foreign-trade/statistics/highlights/top/top1312yr.html
23. http://ehis.ebscohost.com/ehost/detail?sid%3D4eaff874-873b-4e92-a873-fc825b6c85a6%2540sessionmgr198%26vid%3D1%26hid%3D115%26bdata%3DJnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=mth&AN=49097461
24. http://kathmandupost.ekantipur.com/printedition/news/2015-08-02/nepals-trade-deficit-soars-to-3334-percent-of-gdp.html
25. Current account balance, U.S. dollars, Billions from International Monetary Fund World Economic Outlook Database, April 2008
26. Chapter 5-10: The International Investment Position. International Finance Theory and Policy. 3 June 2004. Retrieved 17 November 2008.
27. "News Release: U.S. International Investment Position, 2006". BEA. June 28, 2007. Retrieved 2008-11-17.
28. "Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation" www.president.harvard.edu/speeches/2006/0324_rbi.html Lawrence H. Summers, speech at The Reserve Bank of India, Mumbai, India, March 24, 2006 Archived May 9, 2008, at the Wayback Machine.
29. "The Chinese Connection" by Paul Krugman, originally published on May 20, 2002 in The New York Times.
30. "Top US Exports".
31. "United States Top 10 Imports". 4 November 2016.
32. 2009 US Trade by Country and Area
33. 2008 US Trade by Country and Area

External links

• Comprehensive US Trade Data