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US Trade Deficit Since World War II The United States established agreements with nations across the world to eliminate barriers to international trade and investment The benefits of free trade had opened up for the American public and this was reflected in a long string of years when US exports exceeded imports With the devastating effects of war on the rest of the world the US had no fear of international competition and much to benefit from free trade However positive the situation was looked for the US after 1970 imports began exceeding exports meaning the US had trade deficits The public believed that the international trade deficits would have negative economic effects such as unemployment and slow economic growth Some believed that the deficits arose from unfair trading policies which lead to import restrictions and other changes to eliminate the deficitsGriswald However the deficits were not caused by foreign or US trade polices but by the balances between saving and investment in the United States and in other countries and the effects of those balances on international flows of capital investment Soon after the turn of the new year on the 12th of January 2005 the US reached a record trade deficit of 60 billion Evans The question of whether the US trade deficit should be allowed to continue to grow is in debate across the world The heavy trade deficit problem is proving to be a heavy burden in the long term because the dollar may eventually free fall interest rates will rise greatly and the standard of living in the US will fall greatly At present 17 of the countrys annual budget being used to pay the interest on international trade deficits Hamilton and 22 of the nations Gross Domestic Product GDP used to cover the trade deficits Faux As a result of Americans failure to save and huge expenditures oversees the percentages of the USs budget and GDP used to
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