Behind Donald Trump’s tariff strategies appears to be an obsession with US trade deficits.

And maybe with some good reason. The US imported $1.2 trillion more in goods in 2024 than it exported, a record annual deficit

But what countries are most responsible for that giant deficit? About all of them, it turns out. The nation’s biggest trading partners - Mexico, Canada and China - contribute a sizable share of the gap. But according to the Wall Streett Journal, the US last year ran a trade deficit with more than 100 countries, based Census Bureau data. Gaps with some of those nations, including Vietnam and India, have grown as businesses shifted supply chains away from China.

The char below from the Journal shows the trade balance with leading countries.

Source: WSJ

Is this a problem? We would say Yes.

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