Americans consume goods other people produce. As America offshored its manufacturing, it promised to supply the world with high-priced services and technology in exchange. But as it turns out, that promise never materialized.
The ballooning overall trade deficit bears this out. It leaped to another record high in March, surging 5.6% month-on-month to a new worst-ever $74.5 billion. That was 52% worse than in March 2019.