The U.S. remained by far the largest driver of global current-account imbalances in 2017, running the world’s largest deficit and adopting policies—mainly a shift toward much larger fiscal deficits—that are likely to increase its imbalances in coming years.
The U.S. ran a $466 billion current-account deficit, meaning the nation imported far more than it exported. The U.S. has become an increasingly large driver of global deficits, accounting for 43% of all global deficits last year, up from 39% in 2016, according to the International...