The US trade deficit is a product of the contradictions between the global economic pattern and the domestic economic structure. Its roots lie in manufacturing offshoring, low savings high consumption models, and dollar hegemony. Since the deficit first appeared in 1971, the US has reduced production costs through industry outsourcing, but this has led to a decline in manufacturing's share of GDP from 25% to 10%, exacerbating the hollowing out of the industrial chain. The low savings rate (only 3.8% in 2024) and high consumer demand (accounting for 70% of GDP) force reliance on imports, and the special status of the dollar as the global reserve currency makes the deficit an inevitable result of maintaining international liquidity.

Long-term deficits have a dual impact: on one hand, they improve residents' welfare through cheap goods and capital inflows; on the other hand, they trigger manufacturing decline, social polarization, and debt risks. In 2024, the US net external debt accounted for 67% of GDP, approaching a crisis threshold. The Trump administration's policy of increasing tariffs proved ineffective, instead raising import costs and exacerbating inflation, ultimately burdening consumers and businesses. Addressing the deficit requires structural reforms, including reducing the fiscal deficit, promoting industrial upgrading, and stabilizing the dollar's value, rather than unilateral protectionism.