Since 1974, our trade deficit on merchandise goods is $1.8 trillion. In just over 20 years, $1.8 trillion. Up until 1975 we had been running modest surpluses every year in our merchandise trade deficit. So there has been a dramatic deterioration.
John Sarbanes: “Since 1974, our trade deficit on merchandise goods is $1.8 trillion. In just over 20 years, $1.8 trillion. Up until 1975…”
On the recordNovember 5, 1997
Source
govinfo.govEditor's note · Context
Discussing the U.S. trade deficit during a floor speech.
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