US Trade Deficits 5-20-24

From the 1940s to1960s, the US had trade surpluses and did most of its own manufacturing in the US. By the 1970s, large US manufacturing companies began to locate final assembly plants overseas to European countries who required it. In the 1980s, it was clear that Japanese autos were superior and Honda and Toyota began to take market share. Their cars got better mileage and were highly reliable and better made. In the 1990s, more manufacturing was off-shored to China and Asia. Japan established manufacturing plants in the US. South Korea weighed in with KIA and Hundi. Steel manufacturing had moved overseas and Chemicals followed. US companies went overseas to save the cost of US regulations, rid themselves of labor unions and lowered their labor costs to keep prices competitive. In 2005, we sold our Cadillacs and bought 2 Toyota Prius Hybrids and we still drive them.

Lowering our trade deficits requires that we return US manufacturing to the US. 

Year    US $Trade Deficit

2024    $-1.0905980T estimate

2023    $-1.0364490T

2022   $-1.1773729T

2021   $-1.0710531T   Biden

2020   $-901.4898B

2019   $-845.7592B

2018   $-870.3584B

2017   $-792,3959B

2016   $-735.3260B   Trump

2015   $-745.0830B

2014   $-735.4823B

2013   $-689.4699B

2012   $-7304663B

2011   $-725.4470B

2010   $-635.3650B

2009   $-503.5830B   Obama

2008   $-816.2000B

2007   $-808.7650B

2006   $-827.9700B

2005   $-772.3742B

2004   $-654.82085B

2003   $-532.3500B

2002   $-468.2620B

2001   $-411.8990B

2000   $-436.7030B   GW Bush

1999   $-328.8200B

1998   $-229.7590B

1997   $-180.5220B

1996   $-170.2130B

1995   $-158.8010B

1994   $-150.6270B

1993   $-115.5680B   Clinton & NAFTA

1992   $-84.5009B

1991   $-66.2498B

1990   $-101.0295B

1989  $-109.3391B   GHW Bush 

https://www.census.gov/foreign-trade/balance/c0004.html

Most of our current $1 trillion plus deficits go to China for Wind and Solar and everything else, but that will stop if Trump is elected in 2024. Wind and Solar are too expensive to construct, repair, and replace. The US needs more natural gas power plants to increase capacity on our electric grid. Our railroads need to stop hauling hazardous waste and need to fix their 200 year old tracks and bridges. Local TV news routinely reports the daily traffic accident report that always includes an overturned 18 wheeler. Trucks need their own highway system. 

Norb Leahy, Dunwoody GA Tea Party Leader