By December 2003, the trade deficits of the US reached a record high of $490.8 billion, having major deficits with other countries -- China, Japan and Canada. The growing deficit has been a concern for American trade and commerce. The growing trade deficit has often been cited as proof of the unfair trade practices abroad or a lack of competitiveness among US industries. Economists view trade deficits as just a macroeconomic reality of investments flowing from abroad. However, the growing deficit has often been a point of discussion because of its cascading effect on the economy
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