XPost: alt.guitar.amps
From: BiteMe@Bitch.org

Under Dolt45

The U.S. Census Bureau reported recently that the U.S. goods trade
deficit reached a record of $915.8 billion in 2020, an increase of $51.5 billion (6.0%). The broader goods and services deficit reached $678.7
billion in 2020, an increase of $101.9 billion (17.7%). The U.S. goods
trade deficit in 2020 was the largest on record, and the goods and
services deficit was the largest since 2008.

The rapid growth of U.S. trade deficits reflects the combined effects of
the COVID-19 crisis, which caused U.S. exports to fall by more ($217.7
billion) than imports ($166.2 billion), and by the persistent failure of
U.S. trade and exchange rate policies over the past two decades. The
single most important cause of large and growing trade deficits is
persistent overvaluation of the U.S. dollar, which makes imports
artificially cheap and U.S. exports less competitive.

The U.S. goods trade deficit is increasingly dominated by trade in
manufactured products, as shown in the figure below. The manufacturing
trade deficit reached record highs of $897.7 billion—98% of the total
U.S. goods trade deficit—and 4.3% of U.S. GDP in 2020. Primarily due to
these rapidly growing manufacturing trade deficits, the U.S. lost nearly
5 million manufacturing jobs and 91,000 manufacturing plants between
1997 and 2018 alone, and an additional 582,000 manufacturing jobs in 2020.

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