Source: Steve Cubbage, THE PACKER, 2/4/22


If international trade were an Olympic sport, then the U.S. would have lost this latest round of competition by more than a mile. Actually, we lost this one by more than a trillion—a trillion dollars, that is—as the U.S. trade gap in goods grew to $1.08 trillion in 2021.  This was the first time in history the trade deficit surpassed $1 trillion. Economists would quickly point to the fact that trillions of dollars of government stimulus primarily fueled such a buying frenzy among domestic consumers.

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