I think this is quite funny - Australia has always a trade deficit since at least 1988 with the US (ie US has a trade surplus with us) until now.
Due to a 92 fold increase (yep your read that right 92 fold) in gold exports to the US between November to January, Australia had a trade surplus with US in January (the first monthly surplus since at least 1988 - exports were $6b double the previous high of $3b in December. The January trade surplus was 1.7b. This follows Switzerland which saw a huge amount of gold exports to the US of $US20b in Jan or Feb. The US seems to be sourcing gold from anywhere it can get it, Canada, Korea and especially the LMBA in London. The big increase in the trade deficit in the US was primarily due to a massive surge in gold imports of I think of about an additional $US30b in Jan on top of an increase in the previous 2 months.
Unfortunately Australia cannot argue our goods should be tariff free because we had a trade deficit with the US!
Source is a SMH article for the Australian figures and various others for the other figures..
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