It is an eye opener to me that a large portion of America’s deficit, from its importation of goods and services, a large portion is Tourism abroad, when you take yourself overseas to spend your American buck. What you are importing is the foreign ‘experience and time’, so it is not as if you are importing a pile of cheap consumer junk! That travel and tourism also includes studying abroad and that adds to your intellect and experience. So don’t feel too bad like all is lost on cheap foreign stuff; at least now you can control where you spend your vacation. But the question to ask is why is America importing so much on the use of intellectual property, I would have thought most of that stuff, like, music, patents and licensing came from the USA? Full report Census.gov here.
Here are the countries that charges the USA the most for use of their patents and intellectual properties.
Source of chart is the United States International Trade Commission.