In 2007, U.S.imports exceeded exports by around $700 billion, reflecting large borrowing from abroad.

Name: In 2007, U.S.imports exceeded exports by around $700 billion, reflecting large borrowing from abroad.
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This statement is true. The U.S. had a trade deficit of around $700 billion in 2007, meaning that imports exceeded exports. This also indicates that the U.S. was borrowing heavily from other countries to finance its spending.