The U.S. balance of payments records all transactions involving

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The U.S. balance of payments records all transactions between the U.S. and the rest of the world, including trade in goods and services, international investment income flows, and financial transactions. It does not only include transactions with U.S. territories or with countries that use the U.S. dollar as their currency. It also does not include transactions between different levels of government within the U.S. (federal and state).

The US Balance of Payments Records All Transactions Involving