2024-06-06 12:15:00 ET
Summary
- The trade deficit and the more comprehensive current account deficit can’t be 'fixed' with tariffs because they are rooted in our budget deficit.
- Foreign countries buy our goods because, in a lot of cases, they are the best or the only option in the world.
- The trade deficit is a reflection of our weaknesses, mainly that our politicians, of both parties, are unwilling to live within our means.
I don't write or talk much about trade, but it is, obviously, an important part of the global economy. With all the talk of deglobalization, you'd think that the US trade deficit must be shrinking, right?...
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Deglobalization And U.S. Trade Deficit