Which statement accurately describes a trade deficit? Responses The net balance of trade is a deficit so the U.S. has a trade surplus with Australia. The net balance of trade is a deficit so the U.S. has a trade surplus with Australia. Mexico has a trade deficit with the U.S. Mexico has a trade deficit with the U.S. China has a trade deficit with the U.S. China has a trade deficit with the U.S. There is only one trade balance per country with the U.S