trade surplus

India has already slashed tariffs on some US goods, with further cuts expected as the balance of trade is still stacked heavily in favour of Delhi, which enjoys a $45bn trade surplus.

Antigua and Barbuda's ambassador to the US, Sir Ronald Sanders, says that the US has long enjoyed a trade surplus with most Caribbean countries.

But as Vietnamese manufacturing has boomed, so has the nation’s trade surplus with the U.S., rising fourfold since 2015 to $123.5 billion last year.

Navarro was the author of the infamous equation that set so-called reciprocal tariff rates in proportion to the size of a country's trade surplus with the US, calling it "the sum of all cheating".

He pledged that his nation – which has been slotted for tariffs of 17% – would drop its trade barriers and move to eliminate its trade surplus with the US.