The majority of American's trade deficit with China has been caused by

A) unfair competition.
B) excessive spending and inadequate savings in America.
C) cheap labor.
D) American investment in China.

Trade Deficit

Occurs when a country's imports exceed its exports during a specific time period, indicating that it is spending more on foreign trade than it is earning.

Excessive Spending

The act of spending funds beyond what is considered reasonable or sustainable, often leading to financial imbalances.