In regard to U.S. trade deficits before the Great Recession of 2007-2009, which statement is true? Multiple choice question. The U.S. trade deficits were decreasing rapidly because the United States was experiencing an economic boom. The U.S. trade deficits were small in comparison to the deficits that were happening in Europe and several Asian countries. The U.S. trade deficits were moderate and manageable because free trade with China had opened up export opportunities for U.S. companies. The U.S. trade deficits were the largest ever run by a major industrial nation