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The funny thing is that Trump has an overwhelming case.

US experienced its last annual trade (goods) surplus in 1975.

In all, it cumulates to about $15 trillion more of stuff America bought versus what it sold to the rest of the world since 1975

Even when you throw in the $4 trillion surplus on the services account ( tourism, transportation, insurance, royalties and business services) during the same 43-year period, the deficit on current account with the rest of the world is still $11 trillion, and that's in then-year dollars.

Inflated to 2017 purchasing power, the balance with the rest of the world since 1975 is well larger than the current GDP of the US.

David Stockman 5 March 2018

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