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From Basic Economics by Thomas Sowell:

The basic facts about international trade are not difficult to understand. What is difficult to untangle are all the misconceptions and jargon which so often clutter up the discussion ...
For example, the terminology used to describe an export surplus as a "favorable" balance of trade and an import surplus as an "unfavorable" balance of trade goes back for centuries. At one time, it was widely believed that an import surplus improverished a nation because the difference between imports and exports had to be paidin gold, and the loss of gold was seen as a loss of national wealth. However, as early as 1776, Adam Smith's classic, The Wealth of Nations argued that the real wealth of a nation consists of its good and services, not in its gold supply. Too many people have yet to grasp this, even in the 21st century.
If the goods and services available to the American people are greater as a result of international trade, then Americans are wealthier, not poorer, regardless of trade. As for gold, India had the world's largest supply of gold in 2003, but no one considered it the world's richest nation. Indeed it is one of the poorest.
Incidentally, during the Great Depression of the 1930's, the United States had an export surpluse - a "favorable" balance of trade - in every year of that disasterous decade ...

At one time, it was widely believed that an import surplus improverished a nation because the difference between imports and exports had to be paidin gold, and the loss of gold was seen as a loss of national wealth.

Which was true.

If the goods and services available to the American people are greater as a result of international trade, then Americans are wealthier, not poorer, regardless of trade.

In this sentence, Sowell engages in gibberish and double-talk to confuse the issue.
Since abolishing the gold-standard, trade is now conducted with paper dollars, which are essentially IOUs. And while the value of those notes are permitted to fluctuate in the marketplace, the Trade Deficit still represents a net outflow of national wealth.

The Road to Productive Wealth
The only true key to wealth lies in production. While you can increase your own wealth at the expense of others, we all become wealthier when productive resources are increased. Greater wealth for our economy lies in increasing the quantity or quality of productive resources -- labor, capital, and natural resources. This is done by investing in education, capital goods, research and development, and technology.
What works for our economy, can also work for each of us. You can acquire wealth by education, buying productive capital goods, inventing a new product, and assorted other improvements in productive resources.

Under current trade policies, our domestic industries which create wealth are being undermined, and Americans are enjoying the illusion of wealth by going deeper into debt.

Incidentally, during the Great Depression of the 1930's, the United States had an export surpluse - a "favorable" balance of trade - in every year of that disasterous decade ...

That might have some significance if not for the fact that the United States had an export surplus in all 77 years from 1894 through 1970. In addition, the six SMALLEST export surpluses in the 60 years from 1911 through 1970 all occurred during that "disasterous decade". Finally, the United States has had an export deficit in all 29 years from 1976 through 2004. Hence, when you look at all the data, this suggested connection between export surpluses and the Great Depression utterly vanishes. At most, you can say that trade surpluses do not prevent depressions.

In any case, the following graph shows the trade deficit, including our most recent record, in all its glory:

The actual numbers and sources can be seen at http://home.att.net/~rdavis2/gstrade.html,