trade deficit

The collapse helped to cut the US trade deficit - the gap between exports and imports - in goods by almost half, a record decline, according to the report.

They have been used by the Trump administration as leverage in negotiations as it seeks to reduce trade deficits with other nations.

In essence, the powers he has asserted to "regulate importation" are narrow in scope and do not stretch to unlimited imposition of tariffs, in particular, to remedy trade deficits.

Trump went on to say that the U.S. was a "dead country" before his tariff scheme, pushing the idea that former President Joe Biden was getting ripped off by the country's long-standing trade deficit.

He blames this trade deficit on policies that he says are unfair to American companies, and he has specifically raised concerns about policies related to cars and agricultural products.