Foreign trade of the United States

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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).

History[edit]

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Embargo Act of 1807 was designed to force Britain to rescind its restrictions on American trade, but failed, and was repealed in early 1809.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.[citation needed] During the 1930s the amount of bilateral negotiation under this act was fairly limited, and consequently did little to expand global tade.

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[edit]

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 (1980–2012), with negative numbers denoting a trade deficit

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, 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 accompanying decades of the implementation of broad unconditional or unilateral U.S. free trade policies and formal trade agreements.[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 China. 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.[22]

Customs territory[edit]

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:

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[edit]

Account balance as of 2006[23]

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)[24] became a negative $2.5 trillion at the end of 2006, or about minus 19% of GDP.[4][25]

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][24]

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][24]

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][24]

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.[26][27]

Trade agreements[edit]

  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:

Internal institutions[edit]

American foreign trade is regulated internally by:

Imports and exports[edit]

U.S. trade with foreign countries
Country 2008 Trade balance (millions USD) 2009 Trade balance (millions USD) 2008 Exports[28] (millions USD) 2009 Exports[29] (millions USD) 2008 Imports[28] (millions USD) 2009 Imports[29] (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 507322.7 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[edit]

References[edit]

  1. ^ Bolle, Mary Jane (2007-10-02). "U.S. Trade Statutes: Expiration Dates and Mandated Periodic Reports to Congress". Retrieved 2008-07-24. This article incorporates text from this source, which is in the public domain.
  2. ^ U.S. State Department, Preventing Diplomatic Recognition of the Confederacy [1]
  3. ^ International Trade and Investment art S. Fisher and Michael P. Malloy
  4. ^ a b c d e f g 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 [2]
  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[dead link]
  11. ^ Causes and Consequences of the Trade Deficit: An Overview[dead link]
  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. ^ a b 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.[dead link]
  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.[dead link]
  18. ^ http://www.census.gov/foreign-trade/statistics/historical/gands.txt
  19. ^ FTD - Statistics - Country Data - U.S. Trade Balance with World (Seasonally Adjusted)
  20. ^ http://usinfo.org/enus/economy/trade/docs/06s1288.xls
  21. ^ [3][dead link]
  22. ^ http://ehis.ebscohost.com.mutex.gmu.edu/ehost/detail?sid=4eaff874-873b-4e92-a873-fc825b6c85a6%40sessionmgr198&vid=1&hid=115&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=mth&AN=49097461[dead link]
  23. ^ Current account balance, U.S. dollars, Billions from International Monetary Fund World Economic Outlook Database, April 2008
  24. ^ a b c d Chapter 5-10: The International Investment Position. International Finance Theory and Policy. 6/3/2004. Retrieved 2008-11-17. 
  25. ^ "News Release: U.S. International Investment Position, 2006". BEA. June 28, 2007. Retrieved 2008-11-17. 
  26. ^ "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[dead link]
  27. ^ "The Chinese Connection" www.pkarchive.org/column/052005.html by Paul Krugman, originally published on May 20, 2002 in The New York Times.
  28. ^ a b 2009 US Trade by Country and Area
  29. ^ a b 2008 US Trade by Country and Area

External links[edit]