Trump overstates trade deficit by $300 billion

“Last year we had an almost $800 billion trade deficit” — Donald Trump

According to the Census Bureau, the U.S. trade deficit in 2015 was $500 billion, not $800 billion. What Trump is referencing is the U.S. trade deficit in goods but that is only one component of our trade with foreign countries. We also export and import services, and in 2015, the U.S. had a surplus of nearly $300 billion in services. Combined, that puts the trade deficit at $500 billion last year, not $800 billion.