In 2025, while large-scale tariffs were introduced under the Trump administration, the United States is said to have maintained its position as the world's largest current-account deficit country for more than half a century.
The U.S. current-account deficit has remained the world's largest for an extended period, and the latest IMF data show that the deficit reached $1.116 trillion in 2025. The U.S. deficit is said to have remained slightly below the combined surpluses of Japan, China and the euro area.
The deficit has been supported by capital inflows from overseas, while the dollar's status has been cited as a factor sustaining it.
Historically, events such as the Nixon shock, when the convertibility of dollars into gold was suspended in 1971, the 1985 Plaza Accord and the 2008 Lehman shock are said to have influenced the formation of the U.S. balance-of-payments structure. Although concerns about confidence in the dollar have emerged in recent years, structural factors surrounding the current-account deficit continue to be regarded as important.
In 2025, President Trump is said to have introduced large-scale tariffs on countries around the world, and the move has been reported as potentially affecting international reactions to the dollar's status.