<P> These issues have raised concerns among economists and unfunded liabilities were mentioned as a serious problem facing the United States in the President's 2006 State of the Union address . On June 26, 2009, Jeff Immelt, the CEO of General Electric, called for the U.S. to increase its manufacturing base employment to 20% of the workforce, commenting that the U.S. has outsourced too much in some areas and can no longer rely on the financial sector and consumer spending to drive demand . </P> <P> In 1985, the U.S. had just began a growing trade deficit with China . During the 1990s, U.S. trade deficit became a more excessive long - run trade deficit, mostly with Asia . By 2012, the U.S. trade deficit, fiscal budget deficit, and federal debt increased to record or near record levels following accompanying decades of the implementation of broad unconditional or unilateral U.S. free trade policies and formal trade agreements . </P> <P> The US last had a trade surplus in 1975 . However, recessions may cause short - run anomalies to rising trade deficits . </P>

When was the last time the us had a trade surplus