The deficit jumped from $893.5 billion in 2020—the nation’s previous record—to $1.08 trillion in 2021. The United States’ economic recovery from the coronavirus pandemic has outpaced other nations, spurring increased demand. But Americans have tended toward buying more foreign goods as U.S. businesses have struggled with supply chain shortages caused by worker illness due to COVID-19 as well as government-imposed restrictions and mandates.
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