Op-Ed: US became a dumping ground for the world. No more

by Dramelin 9:00 PM 0 comments countries deficits dumping foreign global ground oped surplus total trade trillion world worlds

Over the last two years, these trade deficits have taken an entire percentage point out of America`s sluggish economic growth. With its systematic half-a-trillion dollars of quasi structural trade deficits, the U.S. accounts for 40 percent of the world`s total (trade deficits) and bears the brunt of what some would call beggar-thy-neighbor trade policies. These countries account for 40 percent of world GDP, but their combined trade surpluses of $1 trillion represent about 80 percent of the world`s total. Germany is currently running the world`s largest trade surplus of $300 billion. In other words, nearly half of the world economy is a drag on the rest of the global demand, output and employment.