Remark on the following statement: "As the U.S. imports more than it exports, it is essential for the U.S. to import capital from foreign countries to finance its present account deficits."
The statement presupposes that the U.S. present account deficit causes its capital account surplus. In reality, the causality might be running in the opposite direction: U.S. capital account surplus might cause the country's current account deficit. Assume foreigners determine the U.S. a great place to invest & send their capital to the U.S., resulting in U.S. capital account surplus. This capital inflow will strengthen the dollar, hurting the U.S. export and encouraging imports from foreign countries, causing present account deficits.