Trump’s howling about the US trade deficit with Mexico, Canada, Germany, the EU, etc, has me thinking about how to portray the result in pictures.

Data is from the latest Census Department report on International Trade.

Click on image for enhanced view.

Trade Deficit Exports Imports Percent of Total
Total 243,905 498,608 742,513 100
Eurozone 37,829 70,207 108,036 15.51
Germany 20,054 17,131 37,185 8.22
Canada 8,501 89,673 98,174 3.49
Mexico 23,037 77,566 100,603 9.45
China 106,481 39,335 145,816 43.66
Japan 22,596 22,005 44,601 9.26
Canada, Mexico, China, Japan, Germany 180,669 245,710 426,379 74.07
Canada, Mexico, China, Japan, Eurozone 198,444 298,786 497,230 81.36

Canada vs China

  • Exports to Canada: 89,673
  • Imports from Canada: 98,174
  • Canada Sum: 187,847
  • Exports to China: 39,335
  • Imports from China: 145,816
  • China Sum: 185,151

On a bilateral basis, Canada is the US’s largest trading partner.

Trade Deficit Breakdowns

  • China alone accounts for 43.66% of the deficit.
  • China, Mexico, Japan, and Germany account for 70.59% of the deficit.
  • China and the Eurozone account for 59.17% of the deficit.
  • China, Mexico, Japan, and the Eurozone account for 76.65% of the deficit.
  • Canada, the US’s largest trading partner, accounts for only 3.49% of the deficit.

This is what has Trump upset. But he is barking up the wrong tree when he blames NAFTA.

For discussion, please see Disputing Trump’s NAFTA “Catastrophe” with Pictures: What’s the True Source of Trade Imbalances?

Mike “Mish” Shedlock