ECONOMICS
BALANCE OF TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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United Kingdom
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China
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Brazil
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United States
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Detailed explanation-1: -The U.S. trade deficit fell for the first time in six years in 2019 as President Donald Trump hammered China with import taxes. The Commerce Department said Wednesday that the gap between what the United States sells and what it buys abroad fell 1.7% last year to $616.8 billion.
Detailed explanation-2: -The U.S. international trade deficit increased in 2020 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $576.9 billion in 2019 to $678.7 billion in 2020, as exports decreased more than imports.
Detailed explanation-3: -Data released Tuesday showed strong growth in trade with Mexico last year, with exports rising 17.3 percent and imports 18.3 percent. The U.S. trade deficit with Mexico grew 20.7 percent to $130 billion.
Detailed explanation-4: -The United States has been running consistent trade deficits since 1976 due to high imports of oil and consumer products.
Detailed explanation-5: -2019 Trade Gap is $616.8 Billion | U.S. Bureau of Economic Analysis (BEA)