Yes, trade deficits do contribute in part. We export dollars in exchange for real goods. Massive amounts of dollars and t-bills. The world is starting to wake up to the consequences of currency inflation with US dollars flooding the world. True wealth is not increasing, but the quantity of currency is.
US debt and currency expansion feeds it. Fiat currency from other debt-laden nations adds to the problem. We get "stuff" in exchange for paper and promises. The music is going to stop.