Billions of People Have Been Enriched Through Global Trade

©iStock/AntonioGuillem 

Michael L. Corbat, CEO of Citi, write an opinion piece for The Wall Street Journal, "America Has a Surplus in Services."  He says that arguments about the balance of trade often focus only on goods.  That misses half the equation.

Last year the U.S. trade surplus in services came to more than $250 billion, brining the total trade deficit down to around $550 billion.  the Economic Report of the President issued in February put it this way:  "Focusing only on the 'trade in goods along ignores the United States' comparative advantage in services, which rose as a share of U.S. exports to 33.5 percent through 2017."

Read the full Opinion piece by Mr. Corbat here.