Claim: Biden said the U.S. exports foreign goods rather than importing them, and suggested the trade deficit had been eliminated or reduced during his presidency.
“And now, instead of importing foreign products and exporting American jobs, we are exporting American products and creating American jobs – right here in America, where they belong!” Biden said. He said this in his State of the Union address.
Verdict: False.
The United States had a trade deficit in goods and services of nearly $779.8 billion last year. That’s down from last year’s record $951.2 billion, but larger than the trade deficit under any previous president. The three largest trade deficits so far have occurred in each year of President Biden’s term.
The goods trade deficit has also increased in each year since President Biden took office compared to previous presidential years. Although the balance of payments for goods improved last year, the goods deficit remains higher than it was before President Biden took office.
