The article discusses the complexities of global trade, questioning the narrative surrounding the U.S. trade deficit and tariffs. It critiques the notion of a 'trade war,' emphasizing that America's trading partners have also engaged in practices leading to asymmetrical trade balances. The author provocatively asks whether other nations might prefer the U.S. style of maintaining deficits, as well as reflecting on the implications of wage growth in relation to stock market performance. Overall, it challenges prevailing assumptions about trade deficits and national economic strategies.
Many call the American effort to obtain either tariff parity or a reduction in the roughly $1 trillion trade deficit and 50 years of consecutive trade deficits a 'trade war.' But then what do they call the policies of the past half-century by Europe, Asia, China and others to ensure asymmetrical tariffs and large surpluses?
Are the United States uniquely brilliant in maintaining a half-century of cumulative trade deficits? Do Americans alone discover the advantages of a $1 trillion annual trade deficit and small or nonexistent tariffs?
Would our trade partners prefer to have America's supposed benefits of a $1-trillion trade deficit? Would the United States then 'suffer' like they do by running up $200 billion annual surpluses?
Is Wall Street's meltdown a fear of what might happen in the future? Or is it reacting to March's latest jobs report that there were...
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