Question
In the past, the United States exported more goods and services than it imported. However, since 1975 it has bought more goods from other nations than it
has sold and thus has a trade deficit. Over the past few years, the United States ran its highest trade deficits with China. Still the United States remains one of
the world’s largest exporting nations even though the U.S. exports a much lower percentage of its products than other countries, such as China, Japan and
Germany. Improving that percentage by expanding exports is a goal the U.S. hopes to achieve by 2015 .
Source: William Nickels, et al. Understanding Business, 10e.
(i) Instructions
Goods exported from the U.S. used to be more numerous than those imported into this country. But starting in 1975, the U.S. has had a trade deficit,
especially with China in recent years. However, even though the U.S. exports a relatively low percentage of its goods, it is still among the most prolific
exporters in the world, and the quality of its exports is unsurpassed. By 2015, the U.S. would like to export a larger percentage of its goods in order to
become an even more influential world superpower (Nickels et al., 2014).
has sold and thus has a trade deficit. Over the past few years, the United States ran its highest trade deficits with China. Still the United States remains one of
the world’s largest exporting nations even though the U.S. exports a much lower percentage of its products than other countries, such as China, Japan and
Germany. Improving that percentage by expanding exports is a goal the U.S. hopes to achieve by 2015 .
Source: William Nickels, et al. Understanding Business, 10e.
(i) Instructions
Goods exported from the U.S. used to be more numerous than those imported into this country. But starting in 1975, the U.S. has had a trade deficit,
especially with China in recent years. However, even though the U.S. exports a relatively low percentage of its goods, it is still among the most prolific
exporters in the world, and the quality of its exports is unsurpassed. By 2015, the U.S. would like to export a larger percentage of its goods in order to
become an even more influential world superpower (Nickels et al., 2014).
Ask by Elliott Ingram. in the United States
Mar 31,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The U.S. used to export more than it imported until 1975, but now it has a trade deficit, especially with China. Despite exporting a smaller percentage of its goods compared to countries like China, Japan, and Germany, the U.S. remains a major exporter. By 2015, the U.S. aims to increase its export percentage to strengthen its global influence.
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Extra Insights
During the late 20th century, the global economy underwent significant transformations, with countries like China emerging as manufacturing powerhouses. The shift in the U.S. trade balance began in the 1970s largely due to the rise of globalization, where businesses sought cheaper production costs overseas. This prompted a change in American manufacturing, leading to an increase in imports while domestic factories struggled to compete, ultimately contributing to the trade deficit narrative that continues today.
On the front lines of international trade, think about small businesses that have successfully expanded their reach beyond U.S. borders. Many American companies have embraced e-commerce and free trade agreements, allowing them to tap into global markets. For instance, artisanal food producers leverage online platforms to sell gourmet products internationally. By sharing their unique offerings and stories, they’re not just boosting exports; they’re helping showcase the diversity and innovative spirit of American goods on a global scale!
