The U.S. trade deficit is a common news story. At $505 billion last year, it’s the largest trade deficit in the world. In fact, it’s more than four times larger than Great Britain’s trade deficit, the country with the second-highest debt.
How did the U.S. trade deficit grow to be so massive? Is it even possible to lessen the deficit moving forward? Read on to find answers to these questions and to get more information about how a trade deficit affects the greater economy.