USA – safety warning for the safe haven?
President Trump's sometimes erratic tariff policy and his aggressive approach towards trading partners have dented confidence in the United States as a ‘safe haven’.
Commerzbank Economic Research
05/27/2025
The US has been benefiting from capital inflows for 50 years ...
Since the early 1980s, the US has had a financial account surplus, which has only become wider over time. Foreigners buy American assets or grant loans to US companies or the government. The US is a repository for other countries' savings surpluses. Mirroring this, the US has a high current account deficit, which has been in the red since 2000, averaging around 3.5% of GDP. The trade deficit is therefore financed by the sale of assets or by borrowing abroad.
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