A truck passes a stack of China Shipping containers at the Port of Savannah in Georgia on July 5, 2018. The U.S. goods trade deficit with China hit a record $419.2 billion in 2018. Stephen B. Morton/AP hide caption
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When the federal government spends more than it collects in taxes, which it does most years, it has to borrow money to make up the difference. That gap is the federal deficit, which is expected to top $1 trillion in 2019. Alyson Hurt/NPR hide caption
The sky surrounding the Statue of Liberty in New York is lit red by a firework in 2005. Nearly all the fireworks consumers will purchase this year — and 70 percent of those used by professionals — are manufactured in China. Mel Evans/AP hide caption
People look at a display of Lego creations at Hamleys toy store during its grand opening in Beijing last year. Exports remain strong for China, but consumption now accounts for 80 percent of the economy's growth. Mark Schiefelbein/AP hide caption
A container ship waits to be unloaded at the Port of Oakland in California. President Trump says the trade deficit that the U.S. runs with other nations must be slashed for the well-being of the country. Ben Margot/AP hide caption
America Has A Large Trade Deficit, But Economists Aren't Too Concerned About It
A quality control engineer examines hot-rolled coils of steel being stored in 2015 at South Korean manufacturer POSCO's facility. Worldsteel/Worldsteel via Getty Images hide caption
A Chinese worker loads steel tubes onto a truck in China's Jiangsu province in 2016. The Trump administration is considering imposing steep tariffs on imported steel and aluminum. AFP/Getty Images hide caption
German Chancellor Angela Merkel and President Trump pose for a photo Friday at the ancient Greek Theater in Taormina, Sicily, during Trump's first G-7 summit. Philippe Wojazer/AFP/Getty Images hide caption