The media often reports US trade "deficits" with places like China but they fail to mention the offsetting flow of profits in dollars flowing from foreign sources into US accounts from that trade. The sums are substantial: As of the latest Federal Reserve release US foreign income amounted to $1.105 trillion yearly, only $329 billion of which was undistributed and invested outside the US. Foreign payments on US assets owed by foreigners came in at $526 billion, leaving $579 billion in net profits to Americans from foreign investments and foreign trade.
$579 billion yearly is more than sufficient to cover the entire US trade "deficit." Indeed, excluding oil, the US actually is running a significant trade surplus when profits from trade and foreign investments are included. In other words profits accruing from trade and investment with places like China are helping to finance US oil imports, an area of incredible waste. That waste will be temporary as technology improves and US energy and environmental policy is reformed as the GOP is driven from power.