Europe has a trade surplus, they aren't doing so well.

Australia has been running a deficit for ages. They have been doing splendidly.

Also, often a trade deficit is just a statistical artefact: if the Chinese ship a billion t-shirts to the US, and in return get a skyscraper in Manhattan, that skyscraper-for-t-shirts trade will show up as contributing to the trade-deficit, just because the skyscraper doesn't move.

(Some for them buying some silicone valley company instead of the skyscraper. And America is good at producing lots of those companies.)