本文从促成美国贸易逆差的因素之一,即美国政府财政赤字的角度,以世代交叠模型和拉姆赛-卡斯-库普曼理论为基础,构建相应的计量模型,对美国贸易逆差的福利效应进行了实证分析。结果表明:美国政府财政赤字的确在一定程度上促成了其持续贸易逆差;持续的贸易逆差对当前和将来福利水平的提高有着积极的促进作用,并且不存在所谓的福利水平的代际转移;中国对美贸易顺差是互利双赢的贸易结果。根据上述结果,本文提出了政策启示及进一步研究的方向。 This essay constructs the corresponding econometric model based on the generation overlapping model and the Ramsay-Kas-Koopman theory from the perspective of contributing to the U.S. trade deficit, that is, the U.S. government’s fiscal deficit. Welfare effects were analyzed empirically. The results show that the fiscal deficit of the U.S. government does contribute to its sustained trade deficit to a certain extent. The continuous trade deficit has a positive effect on the current and future improvement of the welfare level, and there is no so-called transfer of benefits from generation to generation. China The trade surplus with the United States is a mutually beneficial and win-win trade result. Based on the above results, this paper proposes policy implications and further research directions.