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When they talk about trade deficits do they take into account tourism and other cross-border services? Or is it just goods, and in that case why focus on goods?
Aside from the obvious consumer technology and software I am hard pushed to think of any USA produce I would buy that would meet the standards we have in the EU.
The simple reality is that the USA consumes more than it produces.
Yet, actually the proper analogy, would be a wealthy family using their disposable income to buy products that make their life easier, and sometimes, even make them more productive so that they can have even more income.
Seems unthinkable I know but we are in weird times.
If Trump doesn’t back down we may see a very interesting time in the US economy. I should point out that many oligarchs in Russia established themselves by making bold moves in the turbulent post Soviet times. This may be similar time period for the US where a new generation of winners emerge.
When they talk about trade deficits do they take into account tourism and other cross-border services? Or is it just goods, and in that case why focus on goods?
It’s much easier to measure physical goods crossing customs. It’s very difficult to measure whether that guy in your restaurant was a tourist or not. And that’s the simple case believe it or not…
This is one of the reasons service oriented economies seem to run huge deficits…
[1]: https://www.bea.gov/data/intl-trade-investment/international...
But wouldn't literally selling the country imply the biggest possible trade surplus? It's all export and no import.
Something is not right with how we calculate these things.
When they talk about trade deficits do they take into account tourism and other cross-border services? Or is it just goods, and in that case why focus on goods?
If the USA wants tourists, they better ensure not to annoy tourists by their visa policy, or even by detaining tourists:
> Germany Issues Travel Warning for US
> https://www.newsweek.com/germany-issues-travel-warning-us-20...
Strange. I, as a UK citizen, don't seem to buy almost any physical USA goods at all.
There are valuable things out there other than "physical goods".
For example, how to deal with Steam? most of the games I buy there (Baldurs Gate 3 for e.g.) are not made in the USA.