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The category that holds the greatest deficit for the U.S. is category 84. This category includes machinery and mechanical appliances and had a $77.9 billion deficit in the first quarter of 2025.
Following closely is category 71, jewelry and precious metals, with a deficit of $71.4 billion. Electronics comes next at $66.6B, then vehicles at $55.7 billion. These high-value, strategic sectors comprise about 64% of the total deficit.
Other top deficit categories include pharmaceuticals, apparel, and chemicals, which add tens of billions of dollars to the topline figure.
Unlike agricultural items not often cultivated in the U.S., such as coffee beans, nearly all the top categories involve items with the potential for their manufacturing to be reshored to the U.S.
If those precious metals were thought of as a monetary asset, it would change the trade deficit narrative quite a bit.
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