The reason why real world open-economy fiscal spending multiplier is typically lower than the textbook closed economy one -
A $60 Billion U.S. Stimulus Windfall Is Heading
China’s Way
https://www.bloomberg.com/news/articles/2021-03-24/a-60-billion-u-s-stimulus-windfall-is-heading-china-s-way
https://www.bloomberg.com/news/articles/2021-03-24/a-60-billion-u-s-stimulus-windfall-is-heading-china-s-way
Related:
Why did the US trade deficit sharply deteriorate
during the pandemic?
https://thehill.com/opinion/finance/521640-why-did-the-us-trade-deficit-sharply-deteriorate-during-the-pandemic
https://thehill.com/opinion/finance/521640-why-did-the-us-trade-deficit-sharply-deteriorate-during-the-pandemic