The Claim: "The US was losing billions of dollars a day on trade under Biden"
Introduction
The assertion that "the US was losing billions of dollars a day on trade under Biden" has been circulated in various political discussions, particularly by critics of the Biden administration. This claim suggests that the trade deficit has reached alarming levels, implying significant economic distress. However, the specifics of this claim warrant a closer examination of the underlying data and context.
What We Know
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Trade Deficit Figures: The U.S. trade deficit has indeed fluctuated during Biden's presidency. For instance, in March 2024, the trade deficit was reported at $68.6 billion, with imports totaling nearly $419 billion and exports around $278.5 billion 3. In another report, the trade deficit surged to a record high of $140.5 billion in March 2025 7.
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Historical Context: The trade deficit in goods and services has varied over the years. Under Biden, the deficit increased from approximately $110 billion in 2021 to about $118 billion in 2024 8. Comparatively, the total U.S. trade deficit with China in goods and services was about $252 billion in 2023, marking a decrease from previous years 5.
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Daily Loss Claims: Former President Donald Trump has claimed that the U.S. lost "5 to 6 billion dollars a day" due to the trade deficit under Biden 9. This assertion has been challenged, as it appears to mischaracterize the data. The daily trade deficit would need to be calculated based on monthly or annual figures, and the claim lacks a clear basis in the reported statistics.
Analysis
The claim that the U.S. is losing billions daily due to trade deficits requires careful scrutiny of the sources and methodologies used to derive such figures:
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Source Reliability: The data regarding the trade deficit is sourced from the U.S. Commerce Department and the Bureau of Economic Analysis, which are generally considered reliable and authoritative sources for economic data 1. However, the interpretation of these figures can vary widely based on political agendas.
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Bias and Agenda: The claim has been prominently featured by political figures and commentators who may have a vested interest in framing the economic narrative in a particular way. For instance, Trump's statements often align with his broader critique of Biden's economic policies, which could introduce bias into the presentation of the data 4.
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Methodological Concerns: The assertion of "losing billions a day" lacks a clear methodological foundation. To arrive at such a figure, one would need to average the monthly trade deficits over a specific period. The monthly trade deficits reported do not support the notion of a consistent daily loss of that magnitude. For example, the March 2024 deficit of $68.6 billion translates to approximately $2.29 billion per day, which is significantly lower than the claims made 3.
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Contradicting Evidence: Other sources, such as FactCheck.org, have pointed out that the characterization of the trade deficit as a daily loss is misleading and does not accurately reflect the complexities of international trade and economic policy 9. This highlights the importance of critically evaluating the framing of economic claims.
Conclusion
Verdict: False
The claim that "the US was losing billions of dollars a day on trade under Biden" is false. Key evidence includes the actual trade deficit figures, which do not support the assertion of daily losses in the range of $5 to $6 billion. For instance, the reported trade deficit of $68.6 billion in March 2024 translates to approximately $2.29 billion per day, significantly lower than the claims made. Furthermore, the interpretation of trade deficits can be influenced by political agendas, which may lead to misleading characterizations.
It is essential to recognize that while the trade deficit has increased during Biden's presidency, the framing of this increase as a daily loss of billions is not substantiated by the data. The complexities of international trade and economic policy further complicate the narrative surrounding trade deficits.
However, it is important to acknowledge the limitations of the available evidence. Economic data can be subject to revisions, and interpretations may vary based on differing economic perspectives. Readers are encouraged to critically evaluate information and consider multiple sources when assessing claims related to economic issues.
Sources
- U.S. International Trade in Goods and Services, March 2025. Retrieved from BEA.
- Is the US making $2bn from tariffs - and other Trump claims - BBC. Retrieved from BBC.
- US trade deficit hits record high as businesses, consumers. Retrieved from AP News.
- Trump Expands on Dubious Daily Tariff Revenue Claim. Retrieved from FactCheck.org.
- Issues: trade deficit. Retrieved from FactCheck.org.
- US Trade Deficit Hits Record High as Businesses. Retrieved from US News.
- US trade deficit surges to record high in March. Retrieved from Yahoo Finance.
- Just the Facts: Trade Deficits. Retrieved from The Fulcrum.
- Fact-checking Donald Trump’s May interview with ‘Meet the Press’. Retrieved from NBC News.
- Ag Secretary Brooke Rollins misleads on trade deficit by. Retrieved from Politifact.
