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According to your textbook, a country’s balance of payments records the value of the transactions between...

According to your textbook, a country’s balance of payments records the value of the transactions between its residents, businesses, and government with the rest of the world for a specific period of time. Now consider the past 5 years and the current economic situation in the United States. How do you believe the balance of payments have been handled as of late? Based upon your readings, what would you do differently?

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The US balance of payments have been worsening. It has very large trade deficits with the two fastest growing economies in the world, China and India. A lot of its business has been outsourced to developing countries. China is benefitting immensely from the EcommE-com boom as majority of products are produced in China and due to the low shipping costs, it is cheaper than goods made in US. So US trade deficits increase. The limit of trade value for import exemption has also been increased to 800$.

Thus, US bop is worsening. Some steps to improve it could be having more tax breaks for production to shift to US and also better visa regimes so that professionals shift to US.

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