Despite the tariffs imposed around the world by the Republican federal government, the trade deficit has widened in the United States, and Florida has not escaped this trend.
Florida
The Sunshine State imports more than it exports. Its trade deficit was approximately $45 billion in 2024 out of a total trade volume of around $200 billion. The state imported $117 billion and exported $72.2 billion (The Observatory of Economic Complexity – OEC). These figures are expected to be roughly the same for 2025, with complete data still unavailable. The negative impact of this deficit on its local economy would be disastrous if it were not partially offset by services such as tourism and financial services. Its total debt (state + local + school + unfunded retirement obligations) exceeds $200 billion (Reason Foundation).
United States
In the United States, the trade deficit widened to $56.8 billion for November alone, a 95% increase from the previous month, marking the largest percentage increase since 1992 (The New York Times).
For the 2025 fiscal year (October 1, 2024, to September 30, 2025), the U.S. trade deficit stood at nearly $1.8 trillion (1,800 billion). Despite customs revenue, this is one of the largest deficits in history, reports the New York Times. The debt is increasing by more than $4 million per minute, or $5.8 billion per day.
The size of the debt limits the United States’ ability to respond to future crises. But above all, this debt gives very powerful leverage to all those who hold a portion of it, such as the Europeans and the Chinese, for example. The United States has the highest debt in the world; it is its Achilles’ heel.
The bond market, which consists of debt securities issued by governments and companies to finance their activities, is worth $150 trillion worldwide. These securities are sought after because they are considered stable and safe. The US dollar serves as an anchor for the international financial system, which is why they can borrow without constraint. However, when the president wreaks havoc around the world with his tariffs, debt holders question the security of their investments and reduce their holdings of US bonds. The possibility of liquidating US debt is a powerful argument in favor of European and other holders, to the point of forcing the president to back down on the issue of Greenland.
The US national debt has surpassed $38.43 trillion. Interest on this debt has become the second largest item of expenditure in the federal budget.
Sunshine State
Florida trades with 200 countries and is one of the states most focused on foreign trade. Its geographical position favors its ports, and Miami is often described as the commercial capital of the Americas. However, this comes with the corollary of great vulnerability to international crises and increasing geopolitical tensions.
