In 2018, the US trade deficit in goods and services widened 12.4% to reach $621 billion, our widest trade deficit in ten years.
A trade deficit equivalent to 3% of US GDP indicates that 3% of US spending went on imported goods and services, indicating lost demand for US production and a substantial contractionary force on the US economy.
In 2018, the US ran a trade deficit in goods of $891.3 billion, the largest-ever goods trade deficit in US (and world) history.
The US runs a surplus in services due to a strength in service sectors including education, financial services, intellectual property charges, and other business services.
Our deficit in petroleum and related products is shrinking each year, indicating that our deficit in non-petroleum goods, at $825.4 billion in 2018, is widening more rapidly than our total goods deficit.
Source: US Department of Commerce