The U.S. trade deficit has a corrosive effect on U.S. workers and the domestic economy. In 2007, 5.6 million jobs were lost or displaced by the U.S. non-oil trade deficit. Despite strong export growth over the past few years, that deficit still totaled $473 billion in 2007, only $48 billion less than its record peak in 2006. More than 4 million (70%) of the jobs displaced by non-oil trade in 2007 were in the manufacturing sector. Elimination of the U.S. non-oil trade deficit could support millions of new jobs in export industries and contribute to the revitalization of U.S. manufacturing.
5.6 million jobs