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The United States is the world's biggest loser in international trade. Of the five largest exporting countries and regions, only the United States has a trade deficit. Since 2000, the U.S. trade deficit has grown from $319 billion to a projected $495 billion in 2012.
The U.S. trade deficit with China continues to surge, a situation that could lead to "ominous consequence[s]" for the global financial system and for the dollar remaining as the world's reserve currency, according to Ernest Preeg, senior advisor for international trade and finance at the Manufacturers Alliance for Productivity and Innovation (MAPI).
The U.S. trade deficit increased from $326 billion in 2009 to a projected $495 billion in 2012, an increase of 52 percent.
By comparison, China's surplus over the same period increased by 94 percent, from $422 billion to $817 billion, and is on its way to breaking the $1 trillion mark.