Where Data Tells the Story
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Over the past 35 years, America’s trade deficit has undergone three major shifts, from oil and petroleum to machinery and transport equipment, and now the chips and servers powering artificial intelligence.
The latest wave has grown at an extraordinary pace. Since 2020, the U.S. trade deficit in semiconductors and AI hardware has increased more than ninefold, reflecting surging demand for imported computing equipment.
This graphic tracks the annualized U.S. trade deficit across three product categories from 1990 to the second quarter of 2026, using data from the U.S. Census Bureau and the U.S. International Trade Commission.
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