The Real Story Behind America’s “Harmless” Deficits
The economists’ case in Learning Resources v. Trump gets the causality wrong.
When a group of economists filed an amicus brief in Learning Resources v. Trump , one of the cases brought against the Trump administration’s tariff policies, they offered a confident defense of America’s trade deficits . These imbalances, they said, are nothing to fear. A deficit in trade is merely the mirror image of a surplus in capital inflows. It simply means foreigners are eager to invest in the United States. In this view, America runs trade deficits because it is an attractive place to put money—a mark of…
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