"In 2006, the United States exported $1.4 trillion of goods and services, 12.7 percent more than in 2005, according to the Commerce Department. But imports climbed 10.5 percent to $2.2 trillion, leaving the $764 billion deficit. Since 2001, the trade deficit has jumped 110 percent, from $363 billion that year."
http://www.washingtonpost.com/wp-dyn/content/article/2007/02/13/AR2007021300589_2.html

I think if the percentage of exports increases at higher percentage than of growth in imports, it shouldn't be much of a problem. With lower US dollar, it seems this will result in as high or higher percentage growth in exports this year.
Couple this with low inflation, and a Fed which will aggressively move to fight inflation, this is also less worrying as problem.
Considering how rich the US is, if one supports Free Trade, one must also expect trade deficits- you simply can't get away from that. Free trade lowers the cost to the America consumer- it's this trade which part of reason we have low inflation.
We don't want to promote a weak dollar, but in terms of global competitiveness having a weak dollar [and not having inflation] is huge advantage compared to having a strong dollar and inflation or even low inflation. In terms of macro economics [though the details may show a different story] the US is in good position to continue trading with such countries as China and India- as they continue their large economic growth, they will increasingly to be able to buy America products. So, in general even if we export less in total dollar compared importing in total dollar, I believe the growth in exports is more significant than total in deficit- whereas long term slow, flat, or declining in export growth is something which would be alarming and pointing to a looming disaster.

Of course, if one thought this was a problem the simplest way to lessen any potential future problem would be to import less oil by increasing domestic energy production- importing energy is a large part of this deficit- importing oil from Mexico or Canada isn't much of a problem, but importing it elsewhere doesn't make much sense.