Claim: Biden said that the U.S. is exporting products instead of importing foreign products, implying the trade deficit had been erased or reduced during his presidency.
“And now instead of importing foreign products and exporting American jobs, we’re exporting American products and creating American jobs – right here in America where they belong!” Biden said during his State of the Union Address.
Verdict: False.
The United States ran a goods and services trade deficit of nearly $779.8 billion last year. While that is down from last year’s record high $951.2 billion, it is higher than the trade deficit under any prior president. The three largest trade deficits ever have occurred in each year of President Biden’s presidency.
The trade deficit in goods has also been higher in each year of Biden’s presidency than it was under previous presidents. While the balance of payments in goods improved last year, the goods deficit is still higher than it was before Biden took office.
