National

Data: U.S. Bureau of Economic Analysis; Chart: Axios Visuals

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.

Trump more than doubled the U.S. current account deficit

President Trump used the U.S. current account deficit to justify his trade war with China.

Trade deficit

Trade war

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.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Trump more than doubled the U.S. current account deficit

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