current account

Source: BEA

Today is the first day of the G-20 summit in Pittsburgh. Because the G-20 nations represent 80 percent of world trade, it makes sense to look at America’s position within it. The above chart shows our trade balances with respect to the G-20 nations. Specific numbers are below.

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At the G-20 Summit in Pittsburgh later this week, people will hear about the city's slump and rebirth. That's good as far as it goes, but it dodges the ultimate question. Can the United States remain the world’s consumer forever? Or will the G-20 chart the process by which the global economy after the crisis is more balanced, less dependent on U.S. consumption, and sustainable in Pittsburgh as well as Beijing?

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