Trump more than doubled the U.S. current account deficit
The U.S. current account deficit, the difference between what goods, services and investments Americans are buying from other countries versus what they are selling, jumped to $188.5 billion in the fourth quarter.
Why it matters: That was the largest shortfall since 2007.
Keeping score: Former President Trump cited the large U.S. current account deficit as a primary justification for the trade war with China.
- The deficit more than doubled from $83.9 billion when Trump took office in the first quarter of 2017.
- Even prior to the pandemic, the current account deficit had risen notably, touching $114.6 billion in the first quarter of 2020.