"Today, we have a trade regime which has led to the largest trade deficits this country has ever experienced"

This quote by Xavier Becerra is describing the present trade regime in the United States. He is recommending that the existing trade regime has actually resulted in the largest trade deficits the country has ever experienced. This means that the United States is importing more goods and services than it is exporting, leading to a net loss of money. This might be due to a range of aspects, such as the US having a higher demand for foreign items than domestic products, or the United States having a weaker currency than its trading partners. Whatever the cause, the outcome is that the United States is losing money on its trade balance. This might have serious ramifications for the US economy, as it could cause a decline in economic growth and an increase in joblessness. It is important for the United States to address this concern and discover ways to reduce its trade deficits in order to make sure a healthy and thriving economy.